• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

What makes a country wealthy?

Extracts from this document...

Introduction

UNIVERSITY OF ABERDEEN BUSINESS SCHOOL BU5302 (MACROECONOMICS FOR BUSINESS) What.makes.a.country.wealthy? Name: Varun Varun Student ID no. 05940113 M.B.A Macroeconomics for Business Course coordinator and lecturer: Dr Harminder Battu INTRODUCTION In the essay, I will be taking example of India to show what makes India a wealthy country. This will facilitates me to express myself more clearly and reader to understand easily. For this I will use GDP, Factors of production, saving and investment of the nation. Standard of living of the people of the country and education standard. With the help of all these I will explain the question give. I think GDP is not only the wealth of the nation but it is one of the components of the wealth of the country. Natural resources, labour force, capital of country, entrepenure, and people living in the country are the real wealth of the country. WEALTH OF COUNTRY Country wealth is not only the produced assets or physical capital (GDP) but it is one of the main components of the countries wealth. Country's wealth is its effective and efficient factor of production, saving (investment), living standard of people and education standard. India has a mixed economy combining features of both capitalist market economies and socialist command economies. The private sector is regulated and the government elected by the people of India controls the public sector. According to Purchasing power parity, Indian economy is at fourth number in the world with GDP of $3.36 trillion. ...read more.

Middle

Although the quality of the labour depends upon the size of the population and ability and willingness of population to work. Further, it depends upon age, sex and other factors of distribution of the population. 17% of the world population of around 1.09 billion people makes India second most populated country in the world. Growth rate has gone down from 2.15 for the period of years from 1951-1981 to 1.93. 58 % of India total population comes under the working age of the population and which is expected to increase as decrease in the dependency ratio. Increase in the literacy rate, better health care has also benefited India a lot. Labour forces can be categorised in 9 sectors (Fig.no.2) Increase in the labour force will increase the wealth of the country. Thus the greater the work force of the country the wealthier it will be. Work force of the country is the real wealth of the country. CAPITAL: capital is one of the most important factors of production. It is also known as tangible things, which are used to produce other things. Capital can be expressed as money for the operation of the business. Capital goods are those goods like machinery, plant, and equipment, which help in production of other services, and goods. Example like machinery and plant are used for manufacturing cars, motorbike, and other household goods. India is a capital rich country. It has the manufacturing capacity of producing big to small machines. ...read more.

Conclusion

Positive and high saving and investment, good living standard of people and effective education structure is wealthy. As high, the GDP goes the country will become wealthier that helps overall development and growth of the country. Efficient factors of production help the country to remain on the path of growth and development. They are the one who decides the future course for the country. The more efficient and affective the factors of production more the growth and more of wealth for the country. Saving of nation and investment of nation is also the one of the main component of a nation's wealth. The higher the saving the higher the investment and results in the increase in the wealth of the country. Standard of living is a wealth to a nation. As the people living in the country are the true wealth of the nation and how they are living in it is of same importance thus this explains that the higher the living standard of people of country more wealth the country. As I have explained in the earlier point, the people are the real assets of the nation they must be taken care off. Educated population of a country makes it wealthy as the workforce is guided in to right direction to work for the nation. The high the education standard of the country the educated the people of the country and more of wealth for the country. All high in these points focused above makes the nation wealth and help the nation to grow and develop. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Global Interdependence & Economic Transition section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Global Interdependence & Economic Transition essays

  1. The Growth of Dubai

    Iran 50,000 6. Jordan 50,000 7. Philippines 43,000 8. Lebanon 36,300 9. Egypt 33,000 10. UK 25,000 Many workers are from South Asia and the Philippines Bar Graph to follow on from table World Map Showing Worker Origins - see attached map Dubai Time-line 1000BC Early settlers grave site at Al-Qusais 600 AD Caravan station in Jumeirah.

  2. Examine the components of a 24-hour city

    The area's main evening activity is mainly focused on the strip along the riverbank. The area's has a variety of mixed-use development. 5.2.1 Tourism Area Life Cycle in London Bridge Again, looking at the cycle, evidence suggests that's the area is at its early stages, and may be at its involvement phase.

  1. The Board of directors of Barclays have asked me to submit a formal business ...

    Barclays allocated �200 million to Barclays new urban and regional economic development unit (URED) Source: Barclays Annual report , set-up to work with government, regional development agencies and others to develop commercially viable products supporting economic development and regeneration. Following the terrorist attacks in the United States on September 11

  2. Different types of travel destination. Study of Cardiff and Barcelona as travel destinations.

    It is situated in the Cardiff Bay area of the city and covers a total area of 4.7 acres of ground the centre was opened by the Queen in November of 2004 and has hosted many shows and performances since from opera and ballet to West End productions like Mama Mia.

  1. Case Study: An Overpopulated Country - Bangladesh

    For example, Zimbabwe initiated the CAMPFIRE program to provide knowledge and expertise to the rural communities in developing eco-tourism in their area. Moreover, the government can implement laws and regulation for preservation and conservation. Many countries have established protect areas such as wildlife reserves and enacted strict laws protecting the animals that draw nature-loving tourists.

  2. Development Increases Inequalties within a country. Discuss in the context of one named country

    As the levels of unemployment was rising in the south, 80,000 young economically active people migrated out of the south and into the north where there were more jobs and an increase in development. This increase in development meant that the mean GNP per capita in the north was above

  1. Advise the UK government on which primary energy resources would be best to develop ...

    percent of global electricity consumption but just over 2% of the UK?s current consumption. Natural flow hydro is reliant on rainfall and vulnerable to drought which is ideal for the UK. There are no CO2 emissions involved and no vulnerability to fuel prices or political instability and is very cheap once the dam has been built.

  2. Emerging economies case study - India

    The economy has posted an average growth rate of more than 7% in the decade since 1997, reducing poverty by about 10 percentage points. Factors behind the favorable emerging market in India In simple terms, emerging market is used to evaluate the socio economic scenario of the country in terms of the growth of the market and industrial development.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work