Standards Of Living And Economic Policies Around The World

Purpose

This project is designed to ensure that students are familiar with the methodology of collecting and analyzing data from the web. The project focuses on comparing standards of living and economic policies across different countries through GDP analysis and economic freedom indices. Students will collect required data, create tables and graphs to present information, and write analytical reports providing clear insights and interpretations rather than merely presenting data.

Associated Skills

• Data collection and analysis from web-based databases
• Cross-country economic comparison and analysis
• Application of macroeconomic concepts to real-world data
• Professional business writing and presentation
• Critical evaluation of economic policies and their impacts
• Research and citation of credible economic sources

Instructions

This project consists of two main parts and is based on course learning resources from

Unit 1 :

The example of calculations for Part 1 of this Project is in Unit 1 Learning Resource titled Measuring Domestic Output and National Income > Scroll all the way to the end to Check Your Knowledge: GDP in Different Countries (Unit 1).

Unit 6 : ,

Unit 7

Project Requirements

1. Textbook and Learning Resources as a Reference: Students must use the assigned textbook and leaning resources in Unit 1, 6, and 7 as a primary reference for their analysis. This ensures a strong theoretical foundation and context for the data being analyzed.
2. Current Data and References: All data used must be the most recent available data. Students must include references from recent news articles, journals, or other credible sources to support their analysis. This requirement aligns with the expectation to use up-to-date Bureau of Labor Statistics (BLS), Bureau of Economic Analysis (BEA), and World Development Indicators database data.
3. Focus on Analysis While charts and graphs are necessary to present data visually, the focus should be on explaining the significance of the data.
4. Elimination of First-Person Language: Students must avoid using the first person in their papers. Instead, reflections and analyses should be restated in the third person. This enhances objectivity and professionalism in academic writing.

Part 1: GDP in Different Countries (43 % of the project grade)

Collect and present the required data (19% of the project grade)

• Go to World Development Indicators database: Click on World Development Indicators
• Click on World Development Indicators
• Select 12 countries for your project by checking the check boxes under Country, including USA, China, and Finland
• Select the two data series GDP (current US$) and Population (Total) under Series
• Select the most recent year under Time (use previous year if current year data not available)
• Choose Layout: “Page” for Time, “Column” for Series, “Row” for Country
• Click Apply Changes and retrieve data
• Retrieve data. You can now retrieve data by clicking on the options on the right upper side of the window. Clicking Table will allow you to see data. Click Download options and choose Data on this page only formatted. This option will allow you to download the data in Excel, which can then be copied into your report file. Or you can simply type the required data into the table below. Fill in the table below.

1. Calculate the per capita GDP as GDP/Population for the most recent available year. The example of calculations is in Unit 1 Learning Resource titled Measuring Domestic Output and National Income > Scroll all the way to the end to Check Your Knowledge: GDP in Different Countries.
2. Fill in the table below:

CountryGDPPopulationPer Capita GDP1234 = 2/3

1. Present the data as Table #1 in your project.
2. Create Table #2: Change the order of the countries. List the countries by highest per capita GDP to lowest. Present this table in your project.
3. Write a report (2 pages or more double-spaced) in your own words about the results you received (24% of the project grade) . In this report consider, but do not be limited to the following:

• Does the order remain the same for total GDP as for per capita GDP? If not, explain why it is different?
• Choose two countries from your table other than the USA. Examine the factors that affect economic policies in these countries, including standard of living, unemployment, inflation, and trade balance
• Analyze the significance of data received and findings on economic policies in these two countries
• Include references from recent news articles, journals, or other credible sources to support analysis
• Reflection: Write a paragraph reflecting on what was learned from the assignment and how it could be applied in the workplace and/or everyday life

Part 2: Index of Economic Freedom (weight 43% of the assignment grade)

1. Log onto the Heritage Foundation’s website at
2. Collect and present the required data (19% of the project grade)
3. For this part, use the same countries from Part 1. Use the most recent available year.

• Log onto
• Click on “Explore the Data” on the navigation bar
• Choose the most recent available year, then choose each country to see all scores (To see these scores, you will need to scroll the table to the right using the scroll below the table).
• Alternative: Download the data in Excel file using “Download the Data” button
• Find the World Rank by clicking on the country name to go to the country’s page

1. Create the table below with the collected data:
2. Present the collected data as a table in your project.
3. Write a report in your own words (3 pages, double-spaced) containing analysis of the results (24% of the project grade). Your report should include:

• Compare the World Rank in economic freedom with the order of countries in per capita GDP from Part I.
• Compare the Overall Score of economic freedom and individual scores (tax burden, government spending, political freedom, fiscal health, monetary freedom, trade freedom, investment freedom) with the per capita GDP rankings from Table 2 in Part I.
• Choose 1-2 countries (other than the USA) to explore economic and political factors, fiscal policies, concerns over international trade, and international capital flows that affect these rankings and scores.
• Discuss the significance of the data and relevance of rankings.
• Include references from recent news articles, journals, or other credible sources to support analysis.
• Reflection: Write a paragraph reflecting on what was learned from the assignment and how it could be applied in the workplace and/or everyday life.

Skill Application (5% of Project Grade)

This project assesses your ability to apply essential economic thinking and policy analysis skills in the context of global data. You are expected to demonstrate proficiency in the following areas throughout your report and analysis:

• International Economics
• Economic Policy Interpretation
• Application of Macroeconomic Frameworks

Strong performance in this criterion reflects not only accurate use of these concepts, but also their integration into the analysis and reflections included in your report. Responses that move beyond basic definitions and use data meaningfully to explain global variation in economic policy will earn higher scores.

Submission Guidelines / Criteria for Success

Project Requirements

• Use assigned textbook and learning resources in Units 1, 6, and 7 as primary reference.
• All data must be the most recent available.
• Include references from recent news articles, journals, or credible sources.
• Focus on analysis rather than just data presentation.
• Eliminate first-person language; use third-person perspective.
• No more than 20% of text should be direct quotes.

Format Requirements

• Must be typed, double-spaced, in 12-point Times New Roman or Arial font with one-inch margins.
• Professional/business style title page required.
• Appropriate in-text citations and professional/business style reference list.
• Prepared using word processing software (Microsoft Word preferred).
• Submit Excel file if used for calculations or charts.
• Maximum two file attachments in .doc, .docx, .xls, .xlsx, or .rtf formats only.
• Other formats (hand-written, scanned, PDF, JPG, Google Drive files) will not be accepted.

Presentation of the Project (9% of project grade)

• Organization, format, and presentation including professional title page, introduction, body, and summary (3%).
• Use of tables, figures, and graphics with proper numbering (“Table 1”), substantive titles, and source references (3%).
• Use of assigned textbook, learning resources, recent sources, appropriate citations and reference list (3%).
• Begin each section with subheadings as described in the assignment.