Economics Homework Help

For this discussion, you will be looking at different economic indicators from another country. To find data for the country you select, use World Fact Book or Trading Economics, which are online data sources you can access. Do not use Investopedia or Wikipedia for source information due to credibility challenges.

For your initial post, select a country and answer the following questions.

• What are the country’s top five exports and imports?
• What are the country’s top trading partners for both exporting and importing?
• Describe at least five key economic indicators for the country and identify the significance of each key economic indicator.
• Does the country’s domestic residents/households have a higher or lower standard of living than the U.S. and why?

In your reply post, discuss how a peer’s chosen country relates to the one you selected. Please be supportive and encouraging in your posts.

For my country, I chose South Africa.

Top 5 exports: Gold, Platinum, Cars, Iron Ore, and Coal.

Top 5 imports: Machinery, Mineral products, Aircraft vessels, Chemicals, and equipment components.

Top trading partners for exports: Germany, Untied States, United Kingdom, Japan, and China.

Top trading partners for imports: Germany, United States, India, and Saudi Arabia.

Economic Indicators:

1: GDP Growth Rate is 4.6%. This is how fast the economy is growing and can show what level unemployment rates are at.

2: Unemployment Rate is 32.6%. This shows how many people are out of work or cannot find jobs at the most recent quarter from when it was calculated. This is important because it shows how many jobs are available or how many people are not working.

3: Inflation rate is 4.9%. This is important because it shows the true value of a dollar. It shows the increase in goods in the country.

4: GDP annual growth rate is -3.2%. This is a key indicator on the change of the gross domestic products. A negative GDP annual growth rate means the country is declining in sales and earnings for the year.

5: Balance of Trade is 54598 million. This is the difference between the countries exports and imports.

South Africa has a lower standard of living than the United States. They do not have as high of annual income compared to the US.