Country Analysis Report: China Vs. Canada Economics Paper (Research Paper Sample)

Country Analysis Report: China vs. Canada
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Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc36034311 \h 3Gross Domestic Product (GDP) as a measure of Economic Growth PAGEREF _Toc36034312 \h 3Table 1: China’s GDP compared to Canada’s GDP PAGEREF _Toc36034313 \h 3Table 2: China’s and Canada’s GDP Per Capita PAGEREF _Toc36034314 \h 4The tradeoff between economic growth, inflation, and environmental pollution PAGEREF _Toc36034315 \h 4Employment PAGEREF _Toc36034316 \h 4Table 3: Unemployment level in China and Canada PAGEREF _Toc36034317 \h 5Inflation PAGEREF _Toc36034318 \h 6Table 4: Inflation level for China and Canada PAGEREF _Toc36034319 \h 6Conclusion PAGEREF _Toc36034320 \h 6References PAGEREF _Toc36034321 \h 8
Country Analysis Report: China vs. Canada
Introduction
Economic analysis is the primary method to evaluate the performance of one country compared to another. There are two categories of economics namely microeconomics and macroeconomics. Microeconomics is concerned with the decisions made by individual economic units such as households and corporations. In contrast, macroeconomics is concerned with aggregate economic decisions primarily made by the government. Consequently, macroeconomic analysis is the primary tool of analysis when comparing the performance of different economics. Across the word, macroeconomic policies implemented by governments have four primary objectives namely achieve sustainable economic growth, maintain price stability, increase employment level and maintain an optimal balance of payment. The comparison between the Chinese economy and the Canadian economy will focus on the metrics to evaluate the respective governments’ achievement of the macroeconomic objectives.
Gross Domestic Product (GDP) as a measure of Economic Growth
Gross domestic product is the conventional measure of the size of an economy. GDP measures the aggregate monetary value of all the finished goods produced in a country within a specific period. The constituent parts of GDP are consumption expenditure, investment expenditure, government expenditure and net exports (Dornbusch et al., 2018). The following table presents China’s GDP for the last 5 years in comparison with Canada’s GDP.
Table 1: China’s GDP compared to Canada’s GDP

China

Canada

Year

GDP (US $)

GDP growth rate

GDP (US $)

GDP growth rate

2015

11.02 trillion

6.9