Using the World Factbook Site of the CIA found at,
investigate the following economic data for the countries of Australia, Italy, Norway, Jamaica, and Columbia.
? Purchasing Power Parity (PPP)
? Gross Domestic Product (GDP)
? GDP per Capita
? Labor Force
? Labor Force by Occupation
? Population Below the Poverty Line
Now, write a short narrative (2-2.5 pages) comparing the economies of the five nations.
Then using the economic data from Australia:
? assess the country's natural resources
? assess the country's population skills set
? determine in which areas (goods and services) the country should have a comparative advantage based on economic logic
Now, write a short narrative (3-3.5 pages) detailing why your country should have a comparative advantage in the areas you've identified.© BrainMass Inc. brainmass.com October 9, 2019, 10:37 pm ad1c9bdddf
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Economy of Five Countries: Australia, Italy, Norway, Jamaica and Columbia
This paper discusses the basic economic indicators of five different nations including Australia, Italy, Norway, Jamaica and Columbia. The following table shows the Gross Domestic Product, Purchasing Power Parity and Labor Force of these five Countries. All these economic indicators are compared for all the given nations and their interpretation has been made. These economic indicators show the economic position of a country. They reflect the growth and prosperity in an economy.
Australia Italy Norway Jamaica Columbia
Gross Domestic Product (nominal) $762.887 billion $2,104 trillion $481.148 billion $11.266 billion $202.630 billion
Gross Domestic Product (Real growth rate) 2.5% 0% 2.8% 0.8% 3.8%
GDP (purchasing power parity) $824.9 billion $1.801 trillion $267 billion $21.57 billion $407.2 billion
GDP - per capita $39,300 $31,000 $57,500 $7,700 $9,000
Labor force 11.21 million 25.09 million 2.59 million 1.261 million 19.46 million
Labor force - by occupation
Population below poverty line 14.3% 26% Na 14.8% 49.2%
(1345.0 - Key National Indicators, 2007).
(CIA - The World fact book).
In terms of the GDP (nominal), Italy has the highest GDP of $2,104 trillion. But, if seen on the grounds of the GDP (Real growth rate), Columbia has the biggest rate of 3.8%. The highest percentage of people employed in industry and services sector are in Norway (96.7%) followed by Australia which has 96.1%. The population below poverty line is the highest in Columbia where 49.2% of the people live below poverty line, while it is the lowest in Australia.
The labor force of Italy is 25.09 million which is the highest of all. It means that the country has maximum amount of people who are of working age and those who are actively employed or seeking some work. Italy has the maximum potential which can be used to contribute to the overall income and growth of ...
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