1
Short Paper
<Name>
University of Maryland Global Campus (UMGC)
ECON 203 Principles of Microeconomics
Professor: <Name>
<Date>
, <Name> Short Paper
2
Introduction
This exercise consists of two parts, the first will look at the Gross Domestic Product
(GDP), and Population for twelve countries picked for this assignment. The information for these
countries was from The World Bank website, through their World Development Indicators
database. The second part will look at the Index of Economic Freedom levels for the same
twelve countries through The Heritage Foundation, from their Country Rankings database.
During this part, a handful of the economic freedom levels will be listed for each of the
countries, so an analysis and comparison can be done. Then the countries' ratings will be
discussed on how they rank, and questions will be answered about some of the findings.
Literature Review
The first step will list each of the twelve countries' GDP, and population, with the
calculated per capita GDP for each one. The next step of this will be to list the countries by per
capita GDP from largest to smallest and listed in Table 1. The last step is to order the countries
by GDP and see if there is a difference in the order and discuss the reasons why or why not.
The GDP is used as an economic indicator of how well a country is doing and gives an
approximation of the living standards within the country. Nevertheless, each country has a
unique GDP and significant population variations within each. To obtain a more precise
assessment of the standards of living, it is necessary to convert the GDP into a common currency
and divide it by the population. This will give us a common ground by which to see a closer
approximation of the standards of living within that country (Shapiro et al., 2022, p. 155).
The data for this part one was extracted from the World Development Indicators database
and added to the created Table 1 with the per capita GDP calculated as shown below. Norway
had the highest per capita GDP of 106,148.78, followed by Ireland with 104,038.95 as a close
Short Paper
<Name>
University of Maryland Global Campus (UMGC)
ECON 203 Principles of Microeconomics
Professor: <Name>
<Date>
, <Name> Short Paper
2
Introduction
This exercise consists of two parts, the first will look at the Gross Domestic Product
(GDP), and Population for twelve countries picked for this assignment. The information for these
countries was from The World Bank website, through their World Development Indicators
database. The second part will look at the Index of Economic Freedom levels for the same
twelve countries through The Heritage Foundation, from their Country Rankings database.
During this part, a handful of the economic freedom levels will be listed for each of the
countries, so an analysis and comparison can be done. Then the countries' ratings will be
discussed on how they rank, and questions will be answered about some of the findings.
Literature Review
The first step will list each of the twelve countries' GDP, and population, with the
calculated per capita GDP for each one. The next step of this will be to list the countries by per
capita GDP from largest to smallest and listed in Table 1. The last step is to order the countries
by GDP and see if there is a difference in the order and discuss the reasons why or why not.
The GDP is used as an economic indicator of how well a country is doing and gives an
approximation of the living standards within the country. Nevertheless, each country has a
unique GDP and significant population variations within each. To obtain a more precise
assessment of the standards of living, it is necessary to convert the GDP into a common currency
and divide it by the population. This will give us a common ground by which to see a closer
approximation of the standards of living within that country (Shapiro et al., 2022, p. 155).
The data for this part one was extracted from the World Development Indicators database
and added to the created Table 1 with the per capita GDP calculated as shown below. Norway
had the highest per capita GDP of 106,148.78, followed by Ireland with 104,038.95 as a close
