List and describe at least four reasons why some countries are rich and some are poor. You may use books available at home or you may research online.Explain it well.
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it has different answer because , In some countries facilities are not properly available ,in some countries facilities are available but their management is not done properly so it is possible that , that country remain poor not poor but like it . Every country is rich in different ways some in crops some in economic some in country management some in defence and some in attack etc
Answer:
It has a different answer because, In some countries, facilities are not properly available, in some countries facilities are available but their management is not done properly so it is possible that, that country remains poor, not poor but like it. Every country is rich in different ways some in crops some in economic some in-country management some in defense and some in attack etc. In common language, the terms "rich" and "poor" are often used in a relative sense: A "poor" person has less income, wealth, goods, or services than a "rich" person. When considering nations, economists often use the gross domestic product (GDP) per capita as an indicator of average economic well-being within a country. GDP is the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year. In a sense, a country's GDP is like its yearly income. So, dividing a particular country's GDP by its population is an estimate of how much income, on average, the economy produces per person (per capita) per year. In other words, GDP per capita is a measure of a nation's standard of living. International trade is an important part of the economic growth story for most countries. Think about two kids in the school cafeteria trading a granola bar for a chocolate chip cookie. They are willing to trade because it offers them both an opportunity to benefit. Nations trade for the same reason. When poorer nations use trade to access capital goods (such as advanced technology and equipment), they can increase their TFP, resulting in a higher rate of economic growth.7 Also, trade provides a broader market for a country to sell the goods and services it produces. Many nations, however, have trade barriers that restrict their access to trade. Recent research suggests that the removal of trade barriers could close the income gap between rich and poor countries by 50 percent. The economic growth of less-developed economies is key to closing the gap between rich and poor countries. Differences in the economic growth rate of nations often come down to differences in inputs (factors of production) and differences in TFP—the productivity of labor and capital resources. Higher productivity promotes faster economic growth, and faster growth allows a nation to escape poverty. Factors that can increase productivity (and growth) include institutions that provide incentives for innovation and production. In some cases, the government can play an important part in the development of a nation's economy. Finally, increasing access to international trade can provide markets for the goods produced by less-developed countries and also increase productivity by increasing access to capital resources.
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