Onsider that world average levels of gdp per capita and satisfaction are 20,000 and 5,000, respectively. assume that both countries a and b are relatively poor, but have relatively high levels of satisfaction. using the point tool, plot and label points representing these two countries.

Business · College · Thu Feb 04 2021

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Given that the world average levels of GDP per capita is $20,000 and satisfaction is 5,000 (assuming the units here are some measure of satisfaction), and that countries A and B have relatively high levels of satisfaction but are poor, you would plot them on a graph where the x-axis represents GDP per capita, and the y-axis represents satisfaction.

To plot these points, you would:

1. Draw a graph with an x-axis labeled as 'GDP per Capita' and a y-axis labeled as 'Satisfaction.'

2. Mark the scale appropriately on both axes. For the x-axis (GDP per Capita), the scale should extend below $20,000 since the countries are poor. For the y-axis (Satisfaction), the scale should exceed 5,000 because these countries have relatively high levels of satisfaction.

3. Determine a specific point for each country. Since they are poorer than average, their GDP per capita might be, for instance, $10,000 or less. As for their satisfaction levels being high, those might be above the average of 5,000 – say 6,000 or 7,000.

4. Place points for countries A and B on the plot. Assuming country A has a GDP per capita of $10,000 and a satisfaction level of 6,500, you would find $10,000 on the x-axis and then move directly upwards to the level of 6,500 on the y-axis and place a point there. Label it 'A.'

5. Repeat the step for country B, and say for country B, the GDP per capita is $8,000 and the satisfaction level is 7,000 – you would find $8,000 on the x-axis, move upwards to 7,000 on the y-axis, and place a point there. Label it 'B.'

So you would have two points labeled on the graph, one representing country A and the other representing B. Both points would be below the $20,000 line on the x-axis and above the 5,000 line on the y-axis, signifying their low GDP per capita and high satisfaction relative to the world averages.

Extra: GDP per capita is a measure of the economic output of a country divided by its population. It gives an average figure that economists often use to estimate the average standard of living or wealth of the population of a country. A lower GDP per capita usually indicates a poorer country.

Satisfaction, in this context, likely refers to some measure of wellbeing or happiness of the population. It is measured differently in different studies, sometimes using surveys and questionnaires to determine people’s satisfaction with their life or specific aspects of it.

When plotting points like countries A and B on a graph, one interesting thing to note is that there isn't always a direct correlation between GDP per capita and satisfaction. There are instances where countries with lower GDP per capita have higher reported levels of satisfaction or happiness, which could be due to various factors, including social support, life expectancy, freedom to make life choices, generosity, and perceptions of corruption. This phenomenon is sometimes examined in discussions about the 'Easterlin paradox,' which observes that after basic needs are met, additional income does not necessarily lead to greater happiness.

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