Now it is time for you to test your knowledge of key economi

Now, it is time for you to test your knowledge of key economic indicators and the effects of economic measurements have on an economy.

The purpose of this assignment is to investigate and to gauge your understanding of key economic indicators by filling out the figure one (1) below and to write up your findings and compare and contrast the United States to that of China.

Compare and Contrast the United States to that of China

Assignment should include the following:

Title page

Introductory paragraph

Completed table inserted into your Word document

Summary of the United States and China

Summary must be at least 250-words or more in length

Conclusion to summarize your findings, and

Reference page (Reference page must be at the end of your paper and on a separate page).

Country

United States

China

Gross Domestic Product (GDP)

GDP per Capita

Durable and Non-Durable Goods

Retail Sales

Housing Starts

Unemployment Rate

Inflation Rates

Population

Median Household Average Income

Human Development Index (HDI)

Trade Deficit or Trade Surplus (In millions of dollars)

Country	United States	China
Gross Domestic Product (GDP)
GDP per Capita
Durable and Non-Durable Goods
Retail Sales
Housing Starts
Unemployment Rate
Inflation Rates
Population
Median Household Average Income
Human Development Index (HDI)
Trade Deficit or Trade Surplus (In millions of dollars)

Solution

Title : Key Economic Indicators and their effects by comparing United States and China

Introduction : United States is a developed economy. China is developing at a very fast pace. Key Economic Indicators tell about the state of the economy. All the economic Indicators are linked to each other. As the GDP of the country improves, there will be more of exports and country will earn foreign exchange. More number of people will get the employement and thus there will be low Unemployment rate. As there would be high supply of goods, thus less scarcity and the inflation rate goes down.

Country

United States

China

Gross Domestic Product (GDP)

$19.64 trillion

$12.31 Trillion

GDP per Capita

$59495

$8836

Durable and Non-Durable Goods

$80.9 billion (Durable)

$25 billion (Non-Durable)

142000 (Durable)

98000 (Non - Durable)

Retail Sales

2.4%

9.4%

Housing Starts

1192000

842000

Unemployment Rate

4.1%

3.97%

Inflation Rates

0.4%

1.4%

Population

323.1 million

1.379 billion

Median Household Average Income

$31099

31616.2 Yuan

Human Development Index (HDI)

0.920

0.738

Trade Deficit or Trade Surplus (In millions of dollars)

$-347 billion

US is a developed economy with high GDP and GDPper capita. This is due to the controlled population of US. The Human development Index is also high in US due to the government\'s focus on developing the economy. On the other hand the GDP and GDP per capita of China is comparatively low. But China is very high in terms of manufacturing and exports of the commodities.It is showing a constant rise due toits advanced technology and dominance in terms of manufacturing. The major drawback with China is its high population. If China is able to control its population, it will soon surpass all the major economies.

References

US Economy at a glance Available at : https://www.bea.gov/newsreleases/glance.htm

China Economy Facts and its effects on US economy Available at : https://www.thebalance.com/china-economy-facts-effect-on-us-economy-3306345

Country	United States	China
Gross Domestic Product (GDP)	$19.64 trillion	$12.31 Trillion
GDP per Capita	$59495	$8836
Durable and Non-Durable Goods	$80.9 billion (Durable) $25 billion (Non-Durable)	142000 (Durable) 98000 (Non - Durable)
Retail Sales	2.4%	9.4%
Housing Starts	1192000	842000
Unemployment Rate	4.1%	3.97%
Inflation Rates	0.4%	1.4%
Population	323.1 million	1.379 billion
Median Household Average Income	$31099	31616.2 Yuan
Human Development Index (HDI)	0.920	0.738
Trade Deficit or Trade Surplus (In millions of dollars)	$-347 billion