πŸ“ˆ Economics

Choose a High Income Country. Explain (using development indicators) why it is in that category?

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Let’s take Switzerland. It is considered a developed country and is also one of the highest income country. Switzerland is in this category because of GDP per capita. GDP is an abbreviation for gross domestic product and is measured in numbers. It is actually the sum of all of the goods and services that are produced within a country, as in our example Switzerland. By dividing the total GDP by the total population of the area in context, we arrive at GDP per capita which is the average of the income that is earned in the country. The higher the value of GDP per capita, the higher would be the country in the High Income Country ranking list. A country can also be favoured by a lot of other measures aimed at improving the quality of life of the people. These measures can take into account education, health care and other facilities that are provided to the people for example a source to clean water, fuel available for cooking, purchasing power parity etc.