Global Economic Coursework Example

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Global Economic.
For day-to-day activities to take place smoothly and efficiently, there are myriad of products that are necessary and important for such activities to take place. These products can either be manufactured by local factories or from foreign manufacturers. This paper attempts to explore three products that are normally used within the house, their country of origin, the brand name of the product and people that deal with the production. This paper focuses on three products namely vehicles, electronic devices, and textile products.
The vehicle is one of the important products used for providing transport of good and also human being from one location to other.The type of vehicles is Toyota manufactured by the Toyota Company, and the model of the vehicle is Toyota Corolla. Its manufacturer is located in Japan. Toyota is most known for its quality products and among the leading manufacturers in the production of vehicles according to the World Bank Data. Secondly, there are the electronic devices that include; smartphones and television accessories. These products s are manufactured in South Korea by the company Samsung Electronics Company Limited. The company manufactures digital and smart Samsung brand television set of various sizes. Television forms the common means of entertainment in the house is produced by the same company.
Most textile products primarily cloths are produced by China and its major brand its manufacturer is the Shandong Demian Group.

According to World Bank Data, the United States uses about $13.5 billion to purchase clothing products from China. China is the exports textile and clothing products to the USA and is one of the major export earners of China’s economy.
China is one of the growing economies in the world, and it is among the close trade partners of United States of America regarding imports and exports. Therefore this paper has chosen to study and analyze the five socio-economic statistics that comprises; GDP, per capita, exports, imports and foreign exchange rate.
The GDP is the total calculation of the value of products and service produced by people within the country irrespective of either they are natives or foreigners. As demonstrated from the data obtained from the World Bank Data China gross domestic product is estimated to be about 11.2 US dollars trillion in the year 2016, and it is the second largest GDP in the world after the United States of America. The country has registered about 6.8 percent growth of the company. China forms about eighteen percent of the entire world revenue. One of the key drivers that have fostered the country’s GDP to the current mark is the construction industry. Chinese people have obtained a lot of export from her amazing people who are proficient in the construction industry.
Noteworthy, over that last twenty years the country has achieved remarkable growth in per capita income. In the year 2016, the country per capita was projected to be 15,500 in US dollars. It is important to note that the country emerged to be the have the most exporting economy in the world. Comparing the two key economic indicators; exports and imports, the trade balance of the country is positive (Philipsen, 2015). It was indicated in the year 2016 that the country had more than $736B. In other words, the country has exported more products than the imports. This is a very significant factor in the country’s economy. Some of the major exports the country deals with includes; manufactured products; computers and broadcasting equipment. The country’s leading export partners are USA, Japan, and South Korea.
However, as depicted in the World Bank Data has registered as among the largest importer of various products (Philipsen, 2015). For instance, China occupies the leading role in importing crude oil, integrated circuits, and cars from countries that encompass Hong Kong, South Korea, Japan, USA, and Germany.
From the above analysis, China has realized a drastic economic development in the world. Yet the country is the most populous country where a lot of people were indicated to be experiencing the worst living standards in the world. In the last two decades the situation has been disrupted, and China economy is now shifting to the most powerful economy in the world. It can be noted that China is fast growing and it is envisioned that it will form the stiff competitor of the USA economy in the near future. Notably, the country has intensified its market across all the parts of the world as it has signed economic treaties with major world economies as partners. Moreover, the country has invested a lot in education, health, and agriculture. China’s economic journey can serve to be a lesson to other countries across the world especially the developing countries.
Works cited
Philipsen, Dirk. The little big number: how GDP came to rule the world and what to do about it. Princeton University Press, 2015.