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How do we measure a nation's wealth?

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How do we measure a nation's wealth?

  1. 1. HOW MUCH IS THAT….? Guess the price for each Chinese item and then if it’s higher or lower in each other country Thumbs up = Higher Thumbs down = Lower
  2. 2. A CAN OF COKE HOW MUCH DOES THIS COST IN CHINA? $0.44 or 2.77RMB
  3. 3. In the USA $1 or 6 RMB In South Africa $0.73 or 5 RMB In Russia $1.41 or 9 RMB
  4. 4. A BIG MAC HOW MUCH DOES THIS COST IN CHINA? $1.31 or 8.27 RMB
  5. 5. In the USA $3.29 or 20 RMB In South Africa $2.30 or 14 RMB In Russia $1.78 or 11 RMB
  6. 6. 4GB iPOD NANO HOW MUCH DOES THIS COST IN CHINA? $299 Or 1900 RMB
  7. 7. In the USA $249 or 1578 RMB In South Africa$321 or 2027 RMB In Russia $299 or 1900 RMB
  8. 8. NIKE TRIAX HOW MUCH DOES THIS COST IN CHINA? $89 or 562 RMB
  9. 9. In the USA $90 or 562 RMB In South Africa $181.59 or 1150 RMB In Russia $126.71 or 795 RMB
  10. 10. GDP per capita •USA $44,000 or £22,000 •UK $31,800 or £15,900 •CHINA $7,700 or £3,850 •SOUTH AFRICA$13,300 or £6,650 •RUSSIA $12,200 or £6,100 FIGURES IN US$SOURCE:https://www.cia.gov/library/publications/the-world-factbook/
  11. 11. What is PPP? • What do you notice about the price differences? • What proportion of their average income must people in each country spend to get these goods? • Why do people in different countries want to buy these goods? • What is purchasing power parity? – write a definition of PPP in your books!
  12. 12. Can wealth data be trusted? • On your own rank the GDP (per capita) and PPP for the 10 countries. • In groups try to explain why they do not match perfectly. • In groups, come up with 3 reasons this type of wealth data may not be trustworthy
  13. 13. Homework • It’s time now to live the billionaire lifestyle with a jet-set holiday. • Your billionaire uncle has given you £500 spending money (very generous!) for a holiday to a European destination of your choice AND somewhere in Africa (not Egypt or South Africa). • Being a billionaire he’s already paid for your travel and accommodation. • Find out how long £500 will last you by researching spending costs on the Internet • Use www.numbeo.com to start

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