Week 5 Essay Example | Topics and Well Written Essays - 250 words

Week 5 - Essay Example Population defines economic output in most countries through the labor market that in turn will affect the productivity and economic performance of a population. In general, The U.S. has a larger labor market than Japan, while China and Mexico have a larger labor market than India and Saudi Arabia respectively. While most standard of living indices uses GDP per capita, I chose the Human Development Index to measure the quality of life in a country. This is because countries with lots of income do not necessarily spend their money in ways that create higher life expectancies or better education. According to Investopedia, the HDI is a tool developed by the United Nations to measure and rank countries’ levels of social and economic development based on four criteria: Life expectancy at birth, mean years of schooling, expected years of schooling and gross national income per capita. A higher HDI generally means a better quality of life this index has been standardized to track changes in development levels over time and to compare development levels in different countries. Generally, the US and China has a better quality of life than Japan and India respectively while Saudi Arabia and Mexico are at par in terms of quality of life. International Monetary Fund. (2012, April). Report on Population and GDP of Selected Countries. Retrieved April 21, 2012, from