Economics Essay

1358 WordsApr 22, 20106 Pages
Group Project Extension In a group project, we were asked to look up our individual countries and compare them to the USA as a reference point. We were looking at the information from GDP growth rate (which is a country’s purchasing power), unemployment rates, (number of employed divided by the labor force which is in percentages), inflation rates (the rate of change of prices as indicated by a price index) and the misery index (which is the inflation rate plus the unemployment rate); we compared this information to our group countries which are Canada and Chile then back to the USA. These were interesting numbers we had found and were quite surprising to see, as we as a group, thought that Canada and Chile’s numbers would be separated greatly from the USA, but not as much as they truly are. Canada has had a good GDP of the years, and is well ahead of Chile, but far from the USA. In 2005 to 2008 Canada has had a constant change in its Gross Domestic Product (GDP) which refers to a countries “purchasing power”. In 2005, which we are considering it to be the base year for this project, was at 1,132 billion. Then in 2006 its GDP went up to 1,202.23 billion, which makes a growth rate of 6.20%. The following year in 2007, Canada GDP was 1,267.96 billion, which from the previous year in 2006, it had a growth rate of 5.47%. As Canada’s Purchasing power grows even further in 2008 of 1,300.41 billion, it only had a growth rate of 2.56%; this tells us that there was a sudden change in the economy. As well compare this information to Chile we can see which country has a better GDP and a little bit higher on the totem pole. As Canada’s GDP escalates, so does the country of Chile along with it. In 2005, our base year for Chile, is at 198.611 billion, although this is less than Canada’s base year doesn’t mean it’s not a growing country. In 2006, Chile’s Gross Domestic Product

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