This paper summarizes findings in comparing the standard of living among 5 countries including: Canada; the United States of America (USA); Australia; the United Kingdom (UK); and Sweden. The seven criteria explored were: Gross Domestic Product per capita (GDP); Inflation; Unemployment Rate; Average Life Expectancy; Literacy Levels; Crime Index; and Household Net Income (after taxes). Using the data collected, this paper will provide a discussion as to which of the 5 countries have the highest standard of living and why this determination was concluded.
Standard of living is defined as, “The level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.” (cite….). There are many indicators that can be used to determine standard of living as a way to compare regions and countries worldwide both in present and past times. Standard of living overall is a compilation of indicators that can show whether or not progress is being made towards improving the health and social well being of a population and more broadly a nation.
When researching the seven indicators listed above as they relate to Canada, the USA, …show more content…
Australia has an extensive mineral and agricultural export industry and is close to the fastest growing economic region in the world, Asia and particularly China and India, which is a competitive advantage. Australia’s main mineral exports are coal, copper, liquid natural gas, and oil, and as more people enter into the middle class in China and India (and other developing Asian Economies), they begin to demand the goods and services that people in the western society already have such as reliable electrical power and consumer goods (i.e. cars and appliances), plus a richer diet supplied by agricultural
Standard of living is defined as, “The level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.” (cite….). There are many indicators that can be used to determine standard of living as a way to compare regions and countries worldwide both in present and past times. Standard of living overall is a compilation of indicators that can show whether or not progress is being made towards improving the health and social well being of a population and more broadly a nation.
When researching the seven indicators listed above as they relate to Canada, the USA, …show more content…
Australia has an extensive mineral and agricultural export industry and is close to the fastest growing economic region in the world, Asia and particularly China and India, which is a competitive advantage. Australia’s main mineral exports are coal, copper, liquid natural gas, and oil, and as more people enter into the middle class in China and India (and other developing Asian Economies), they begin to demand the goods and services that people in the western society already have such as reliable electrical power and consumer goods (i.e. cars and appliances), plus a richer diet supplied by agricultural