I need some assistance with this report. I have started on this but would like a full example to help me completely understand. I am new to macroeconomics.
Purpose: In this activity, you will locate economic data and use it to discuss the concept of standard of living at the national and household level.
Instructions: For this assignment, you will research standards of living. To start, you will visit a website called Dollar Street. Find instructions for what to do after you get to the site, use this handout.Download this handout.
Once you complete your research, you will create a report based on the following guidelines. Here is a report template Download report template to aid your process.
Create a report of the information you have gathered. Information should be clear, concise, and broken up with headings. As a general guideline, you should write one or two short paragraphs for each numbered item. The report should exhibit a high standard of professional communication and be well-edited. Images should have attribution, and you should include a reference page (FRED, Dollar Street, Factbook, and any others used). Include the Country Summary Page at the end of your report.
Content
Introduction:
Name of the country you chose with a short explanation as to why you chose it.
Country Information:
Include a brief description of the country and the factors that affect its economy. Remember, resources, technology, and institutions have a significant impact on Economic growth.
FRED GDP Graph and an explanation of Real GDP and Economic Growth. Define the concepts using your own words and their relationship with one another. Why do we measure economic growth using Real GDP rather than Nominal GDP?
Explain the phases of the business cycle in general and identify at least one year when this country was experiencing each phase. Research to find out what may have contributed to this. Was there political upheaval or a drought that lead to this downturn, etc.
Explain the standard of living and the relationship between Real GDP, Population, and Real Per Capita GDP. Include values of Real GDP, Real GDP Per Capita, and Population found in the CIA World Factbook. Is there income equality or inequality in this nation?
Family Information:
Include a photo of the family you have chosen and a brief description. You may want to include information on family size, employment, living conditions, etc.
How does this family’s standard of living compare to others in their country based their annual spending compared to the GDP per capita found in the world Factbook?
Include one of the images in the family’s album and thoughtfully explain how this image compares to something similar in your life
Family 252 | families | Dollar Street (gapminder.org)
Requirements:
StAndard of Living Project
Choose a Country
Go to Dollar Street.
1. Select a country (other than the US) from the available list of countries in bold.
2. Go to to ensure that there is Real GDP data available for this country. You should be able to find data unless the country you chose is greyed out on this map:
Search “Your Country Name Real GDP.” You should choose the result that displays Real GDP. This may be called Real GDP at Constant National Prices. Once you make this selection, you should see a graph that shows the data spread over time.
The graph is interactive. Make a note of the overall trend in the economy. Is there evidence of economic growth? Identify at least one year that represents each of the phases of the business cycle. Save this information to include in your report
Use the blue download button to save a copy of this graph.
3. Go to the and access the one page summary for the country you claimed. Download a copy to attach to your report.
Choose a Family
4. Return to Dollar Street and choose a family from the country that you selected.
Save the image of that family for your report.
Identify how much money this family lives on each month and each year.
What are one or two facts about their life that you find interesting?
Choose one of the images in the family’s album and think about how this image compares to something similar in your life.
Create your Report
Guidelines:
Create a report of the information you have gathered rather than an academic paper. Information should be clear, concise, and broken up with headings. As a general guideline, you should write one or two short paragraphs for each numbered item. The report should exhibit a high standard of professional communication and be well-edited. Images should have attribution, and you should include works cited (FRED, Dollar Street, Factbook, and any others used). Include the Country Summary Page at the end of your report.
Content
Introduction:
Name of the country you chose with a short explanation as to why you chose it.
Country Information:
Include a brief description of the country and the factors that affect its economy. Remember, resources, technology, and institutions have a significant impact on Economic growth.
FRED GDP Graph and an explanation of Real GDP and Economic Growth. Define the concepts using your own words and their relationship with one another. Why do we measure economic growth using Real GDP rather than Nominal GDP?
Explain the phases of the business cycle in general and identify at least one year when this country was experiencing each phase. Research to find out what may have contributed to this. Was there political upheaval or a drought that lead to this downturn, etc.
Explain the standard of living and the relationship between Real GDP, Population, and Real Per Capita GDP. Include values of Real GDP, Real GDP Per Capita, and Population found in the CIA World Factbook. Is there income equality or inequality in this nation?
Family Information:
Include a photo of the family you have chosen and a brief description. You may want to include information on family size, employment, living conditions, etc.
How does this family’s standard of living compare to others in their country based their annual spending compared to the GDP per capita found in the world Factbook?
Include one of the images in the family’s album and thoughtfully explain how this image compares to something similar in your life.
Source: International Monetary Fundfred.stlouisfed.orgDomestic Currency500,000600,000700,000800,000900,0001,000,0001,100,0001,200,000199520002005201020152020Real Gross Domestic Product for South Africa
StAndard of Living Project
Choose a Country
Go to Dollar Street.
1. Select a country (other than the US) from the available list of countries in bold.
2. Go to to ensure that there is Real GDP data available for this country. You should be able to find data unless the country you chose is greyed out on this map:
Search “Your Country Name Real GDP.” You should choose the result that displays Real GDP. This may be called Real GDP at Constant National Prices. Once you make this selection, you should see a graph that shows the data spread over time.
The graph is interactive. Make a note of the overall trend in the economy. Is there evidence of economic growth? Identify at least one year that represents each of the phases of the business cycle. Save this information to include in your report
Use the blue download button to save a copy of this graph.
3. Go to the and access the one page summary for the country you claimed. Download a copy to attach to your report.
Choose a Family
4. Return to Dollar Street and choose a family from the country that you selected.
Save the image of that family for your report.
Identify how much money this family lives on each month and each year.
What are one or two facts about their life that you find interesting?
Choose one of the images in the family’s album and think about how this image compares to something similar in your life.
Create your Report
Guidelines:
Create a report of the information you have gathered rather than an academic paper. Information should be clear, concise, and broken up with headings. As a general guideline, you should write one or two short paragraphs for each numbered item. The report should exhibit a high standard of professional communication and be well-edited. Images should have attribution, and you should include works cited (FRED, Dollar Street, Factbook, and any others used). Include the Country Summary Page at the end of your report.
Content
Introduction:
Name of the country you chose with a short explanation as to why you chose it.
Country Information:
Include a brief description of the country and the factors that affect its economy. Remember, resources, technology, and institutions have a significant impact on Economic growth.
FRED GDP Graph and an explanation of Real GDP and Economic Growth. Define the concepts using your own words and their relationship with one another. Why do we measure economic growth using Real GDP rather than Nominal GDP?
Explain the phases of the business cycle in general and identify at least one year when this country was experiencing each phase. Research to find out what may have contributed to this. Was there political upheaval or a drought that lead to this downturn, etc.
Explain the standard of living and the relationship between Real GDP, Population, and Real Per Capita GDP. Include values of Real GDP, Real GDP Per Capita, and Population found in the CIA World Factbook. Is there income equality or inequality in this nation?
Family Information:
Include a photo of the family you have chosen and a brief description. You may want to include information on family size, employment, living conditions, etc.
How does this family’s standard of living compare to others in their country based their annual spending compared to the GDP per capita found in the world Factbook?
Include one of the images in the family’s album and thoughtfully explain how this image compares to something similar in your life.
Country SummarySouth AfricaIntroductionBackgroundBy about A.D. 500, Bantu speaking groups settled into northeastern South Africa. Dutch traders landed at the southerntip of present-day South Africa in 1652. The British seized the Cape of Good Hope area in 1806. British and Afrikaners(Dutch descendants) ruled jointly from 1910 in the Union of South Africa. The African National Congress (ANC) led theopposition to apartheid. The first multi-racial elections in 1994 followed the end of apartheid.GeographyAreatotal: 1,219,090 sq kmland: 1,214,470 sq kmwater: 4,620 sq kmClimatemostly semiarid; subtropical along east coast; sunny days, cool nightsNatural resourcesgold, chromium, antimony, coal, iron ore, manganese, nickel, phosphates, tin, rare earth elements, uranium, gemdiamonds, platinum, copper, vanadium, salt, natural gasPeople and SocietyPopulation58,048,332 (2023 est.)Ethnic groupsBlack African 80.9%, Colored 8.8%, White 7.8%, Indian/Asian 2.6% (2021 est.)LanguagesisiZulu (official) 25.3%, isiXhosa (official) 14.8%, Afrikaans (official) 12.2%, Sepedi (official) 10.1%, Setswana (official)9.1%, English (official) 8.1%, Sesotho (official) 7.9%, Xitsonga (official) 3.6%, siSwati (official) 2.8%, Tshivenda (official)2.5%, isiNdebele (official) 1.6%, other (includes Khoi, Nama, and San languages) 2%; note – data represent languagespoken most often at home (2018 est.)ReligionsChristian 86%, traditional African religions 5.4%, Muslim 1.9%, other 1.5%, nothing in particular 5.2% (2015 est.)Population growth rate0.91% (2023 est.)GovernmentGovernment typeparliamentary republicCapital
name: Pretoria (administrative capital); Cape Town (legislative capital); Bloemfontein (judicial capital)Executive branchchief of state: President Matamela Cyril RAMAPHOSA (since 15 February 2018); Deputy President Paul MASHSATILE(since 7 March 2023); note – the president is both chief of state and head of government; note – Deputy President DavidMABUZA resigned 1 March 2023head of government: President Matamela Cyril RAMAPHOSA (since 15 February 2018); Deputy President PaulMASHSATILE (since 7 March 2023)Legislative branchdescription: bicameral Parliament consists of:National Council of Provinces (90 seats; nine 10-member delegations, each with 6 permanent delegates and 4 specialdelegates, appointed by each of the 9 provincial legislatures to serve 5-year terms; note – the Council has specialpowers to protect regional interests, including safeguarding cultural and linguistic traditions among ethnic minorities)National Assembly (400 seats; half the members directly elected in multi-seat constituencies and half in a singlenationwide constituency, both by proportional representation popular vote; members serve 5-year terms)EconomyEconomic overviewupper middle-income South African economy; hard hit by COVID-19; poor utilities management; key rare earth goodsexporter; high income inequality; hosts Africa’s largest stock exchange; rising unemployment, especially youth; landrights changesReal GDP (purchasing power parity)$790.625 billion (2021 est.)$753.6 billion (2020 est.)$804.634 billion (2019 est.)Real GDP per capita$13,300 (2021 est.)$12,800 (2020 est.)$13,900 (2019 est.)Agricultural productssugar cane, maize, milk, potatoes, grapes, poultry, oranges, wheat, soybeans, beefIndustriesmining (world’s largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles,iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repairRemittances0.22% of GDP (2021 est.)0.24% of GDP (2020 est.)0.23% of GDP (2019 est.)Exports$130.885 billion (2021 est.)$94.123 billion (2020 est.)$105.988 billion (2019 est.)Exports – partnersChina 15%, United Kingdom 8%, Germany 7%, United States 6%, India 6% (2019)Exports – commoditiesgold, platinum, cars, iron products, coal, manganese, diamonds (2019)Imports$104.806 billion (2021 est.)$79.022 billion (2020 est.)
$103.92 billion (2019 est.)Imports – partnersChina 18%, Germany 11%, United States 6%, India 5% (2019)Imports – commoditiescrude petroleum, refined petroleum, cars and vehicle parts, gold, broadcasting equipment (2019)Exchange ratesrand (ZAR) per US dollar -Exchange rates:14.779 (2021 est.)16.459 (2020 est.)14.448 (2019 est.)13.234 (2018 est.)13.324 (2017 est.)Page last updated: Tuesday, August 29, 2023