Go online and find the Gross Domestic Product of a country you select. Discuss if there has been a growith or recessions going on the country over the last few years. What has caused this growth/shrinkage in the economy? Using the four determinates of production described in the chapter, discuss the endowments the country you slected has? (what are the factors of production the country has)? What are the productive weaknesses?
Have fun with this and try to find a country that we may not expect you would use. A good place to start your research may be the CIA World Fact Book. A ton of good information about countries around the world.
two Reply(75 words each, Do you agree what he/she said? Why?)
The Gross Domestic Product of Italy has been shrinking for the GDP figure in the second quarter of 2015 was €407,448$368,650 million, leaving Italy placed 6th in the ranking of quarterly GDP of the 33 countries that we publish. Italian employees have been putting in more hours but still have low productivity rate. Italy has employment rules that make the elderly hard to fire unlike the young people they can get fired easy because they have short term contracts that makes them go job to job. Italy has mobs that cost them around 100 billion euros for having weak laws that most don't follow. The pasta and a few of the cars they manufacture bring the profit to Italy but they still have a huge debt of 2.6 trillion.
Most of Italy productive weakness mainly has to do with producing so little even though employees work extra hours they still cannot produce enough to bring up their country's economy. Having an unemployment rate of 12.2% mostly young adults
Costa Rica has had a stable economic growth over the years. The economy of Costa Rica contracted 1.3% in 2009 but resumed growth at about 4% per year in 2010-14. Their traditional agriculture exports are bananas, coffee, sugar, and beef, and are still the commodity export trade. High-valued added goods and services, including medical devices, bolstered exports. The reason of growth in Costa Rica would be because foreign investors remain attracted by the political stability and relatively high education levels. Costa Rica attracted one of the highest levels of foreign direct investment per capital Latin America. But Costa Rica also faced challenges due to the rising fiscal deficit, rising public debt, and the low levels of domestic revenue. Poverty has remained at 20-25% for nearly 20 years. An estimate of 300,000-500,000 Nicaraguans in Costa Rica, legal or illegal, are an important source of mostly unskilled labor, but they are also placed on heavy demands on the social welfare system. The unemployment rate for Costa Rica in 2014 was 8.2% and is ranked 94 in the world. And it’s official exchange rate in 2014 was around $48.14 billion.
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