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Introduction to International Economics

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Gross domestic product is used to determine the living conditions of a specific country. Inflation is an indicator used to determine the economic growth of a country. It is the rate at which the prices of commodities in a given countries increases in general. It is usually measured as a percentage in relation to the previous year. Unemployment is also used to establish the economic growth of a country (Arnold, 2008). It is the number of people in the percentage who are willing and have the ability to work but have no job currently.

The balance of payments is an indicator of economic growth in which a country’ s trade in commodities and the financial arrangements are summarised. This indicator is reliable especially when it comes to the determination of the value of a country’ s currency in the financial market. Lending rates are the rates at which financial and lending institutions charge interest when lending money. This indicator is reliable since it affects other indicators such as inflation and GDP. A country’ s government general budget balance is an indicator of economic growth that indicates a government’ s balance between the governments’ spending and revenue.

This comparison is reliable since it establishes if the government has more debts that it can pay or vice versa. When one considers the GDP of China, Japan and the United States of America, one is able to determine the state at which the economy was during a specific year. When one considers China, the GDP in the year 2010 was at a high 10. However, in the following year, the GDP fell steadily by 0.9. In Japan, the GDP was 3.9 while in the following year it fell to a low -0.7.

The United States of America had a 2.8 GDP which fell in the year 2011 it fell to 1.7. This shows that among the three countries China had the best GDP. When the inflation rate is considered, the United States of America tops the three countries with a 121% inflation rate. In this case, Japan had the lowest inflation rate. The USA experiences the highest employment in both years while Japan experienced the least.

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