Expert answer:Module 04 Written Assignment – The Comparison of

Solved by verified expert:Now, it is time for you to test your knowledge of key economic
indicators and the effects of economic measurements have on an economy.The
purpose of this assignment is to investigate and to gauge your
understanding of key economic indicators by filling out the figure one
(1) below and to write up your findings and compare and contrast the
United States to that of China.CountryUnited StatesChinaGross Domestic Product (GDP)GDP per CapitaDurable and Non-Durable GoodsRetail SalesHousing StartsUnemployment RateInflation RatesPopulationMedian Household Average IncomeHuman Development Index (HDI)Trade Deficit or Trade Surplus (In millions of dollars) Figure 1: Compare and Contrast the United States to that of ChinaAssignment should include the following:
Title pageIntroductory paragraphCompleted table inserted into your Word documentSummary of the United States and ChinaSummary must be at least 250-words or more in lengthConclusion to summarize your findings, and Reference page (Reference page must be at the end of your paper and on a separate page).
amontelpare_the_comparison_102917.docx

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Running head: THE COMPARISON
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The Comparison
Angela Montelpare
Rasmussen College
Author Note
This paper is being submitted on October 29, 2017 for Instructor Phillip Post G123
Principles of Economics.
MODULE 04 WRITTEN ASSIGNMENT
Module 04 Written Assignment – The Comparison of the United States and China
Introduction
The position of China in the global economic map has been a topic of discussion.
Speculations have arisen with analysts predicting that China will surpass the United States as a
global power. This is an analysis of the economics and data between US and China to ascertain
the relative position between the two countries. An analysis of aspects of economic measure
between the two countries like Gross Domestic Product show that the US is still way ahead of
China, showing a huge gap between China and US. However, this does not discredit the growth
that China has undergone with a rise of as much as 30 times more in GDP in the last 30 years
compared to US 4.7 times. With Chinese growth as an economic giant, a comparison of US and
Chinese economic projections would show how the two world powers relate.
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MODULE 04 WRITTEN ASSIGNMENT
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Country
United States
China
Gross Domestic Product (GDP)
$18.65 Trillion $11064.66 Billion
GDP per Capita
$51638.1
Durable and Non-Durable Goods
$238.7 &
$576.98 & $766.9
$121.04 Billion Billion
Retail Sales
$470.8 Billion
$1.3 Trillion
Housing Starts
1,215,000
1,536,000
Unemployment Rate
4.7%
3.97%
Inflation Rates
2.4%
2.5%
Population
326,474,013
1.371 Billion
Median Household Average Income
$56,516
$62,029
Human Development Index (HDI)
0.920
0.738
Trade Deficit or Trade Surplus (In millions of
dollars)
Surplus-$23.9
$502
Billion
Billion(deficit)
$6497.50
MODULE 04 WRITTEN ASSIGNMENT
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Summary
The United States and China are two of the largest economies in the world. Although
they are comparable in size, they differ in the makeup. Comparing the GDP, US is ranked 2nd in
the world while China is ranked at 3rd, although the difference between the figures is large. GDP
per capita places the US as much as 6 times more than China’s (Scott, & Sam, 2016). On
average, people in China are still way poor compared to their American counterparts. However,
looking at the number of people employed in China compared to America, Chinese is better
placed with regards to job prospects. Considering China’s factories, durable and non-durable
goods surpass the US’s by a large margin. The inflation rate between the two countries is
calibrated by a 0.1% difference, with China being on the higher end (Scott, & Sam, 2016).
China is the largest trading nation in the world. The country has a large exporting prowess that
has fueled large trade surpluses. The country has made strides in rebalancing away from being
overly reliant on external demand by stoking on domestic expenditure. As compared to the
81.4% urbanization level in America, Chinese levels are at a 54.4% low, although the demand
for jobs and apartments in cities has risen. The economies of US and China are increasingly
intertwined (China vs United States Economy Stats Compared. n.d.). This bilateral relation has
become crucial to global prospects. Although America has dominated the world economic front
for over a century, in the 21st century, China has risen to compete, albeit unfavorably, with the
super power. At the moment, China is still lagging behind the US in terms of economic prowess.
MODULE 04 WRITTEN ASSIGNMENT
Conclusion
Economists have speculated on the position of US as the world economic superpower,
considering the rise of China as a manufacturing hub. However, using a comparison of the
indicators of economic power like GDP, GDP per capita, unemployment rate, inflation, trade
deficits and surpluses, the US still remains ahead of its Chinese counterpart.
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MODULE 04 WRITTEN ASSIGNMENT
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References
China vs United States Economy Stats Compared. (n.d.). Retrieved April 30, 2017, from
http://www.nationmaster.com/country-info/compare/China/United-States/Economy
Scott, M., & Sam, C. (2016, May 12). China and the United States: Tale of Two Giant
Economies. Retrieved April 30, 2017, from https://www.bloomberg.com/graphics/2016-us-vschina-economy/
…
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