Please answer thankyou 1. Explain why a Country with low GDP is considered poor.2. Discuss the connection between education & income inequality.

Answered: 1. Explain why a Country with low GDP…

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Economics

1. Explain why a Country with low GDP is considered poor.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 36CTQ: Explain how a country may experience greater equality in the distribution of income, yet still...

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Concept explainers

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.

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Please answer thankyou

1. Explain why a Country with low GDP is considered poor.
2. Discuss the connection between education & income inequality.

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