Comparing Standard of Living in Different Countries
Students will be able to:
- Compare the standard of living in different countries.
In this economics activity, students will examine housing conditions in different countries to discuss Real GDP per Capita.
This activity is an individual activity where students will research and answer questions. Real GDP is frequently used to compare the lifestyle of different countries. However, it is not the only measure to use – and may not be the best one to use. Population differences, price changes, lifestyle preferences, and other factors can influence what is known as a country’s standard of living. The standard of living is defined as the level of subsistence of a nation, its social class, or individual adequacy of necessities and comforts of daily life – meaning it is a measure of the wealth, comfort, and access to necessities within a country or region. Finding a way to accurately measure these factors is challenging, and economists tend to rely on Real GDP per Capita because it provides an average level of output and wealth within a country. To complete this activity, students need to follow the instructions below:
- Go to the Dollar Street Website which displays housing in various countries around the world.
- Be sure to click on “Homes” in the first box and “The World” in the second box for this activity. The dollar amount in each box represents the monthly income of the family living in that particular home.
- Scroll through the different countries and use your findings to answer the following Quizizz activity,worksheet questions, or ReadyAssessments Activity.
Closing the Gap
The Business Cycle: Introduction to Macroeconomic Indicators