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Gangsta Boogie
Join Date: Mar 2003
Location: My business, Population...1
Posts: 39,918
Credits: 9,376
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Originally Posted by Kimberly
Well I was simply going by Gross Domestic Product, I assumed that it would measure the economy of a country(how big the economy is) , but i guess it's otherwise. In your opinion what is the mean of RICH?
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Right on cue...
GDP per capita...meaning that the population size of the country was used as the quotient in the equation (GDP/population size...for those of you scoring at home), so smaller countries with moderate economies will likely rank higher than larger countries with even better economies.
Consider:
Antigua and Barbuda
Population: 69,000
GDP: 750 Million (USD)
Unemployment Rate: 11%
The Bahamas
Population: 303,770
GDP: 6.098 Billion (USD)
Unemployment Rate: 10.2%
Barbados
Population: 279,912
GDP: 4.745 Billion (USD)
Unemployment Rate: 10%
St. Kitts and Nevis
Population: 39,129
GDP: 339 Million (USD)
Unemployment Rate: 4.5%
Trinidad and Tobago
Population: 1,065,842
GDP: 18.01 Billion (USD)
Unemployment Rate: 8%
Look closely at those figures and maybe you might begin to understand how silly it is to derive "wealth" from something as simple as the GDP per capita.
As for your question..."Rich" may be defined by a surfeit of wealth, such that the nation's purchasing power is significantly multiplied when compared to the cost of meeting the needs of it's constituents. |