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Comparative living standards in the UK.
Economics based on the history, were the root for every problem. Even the World War Two
starts because Germans were not satisfied because they need to pay for debts. Debts were part of
the economic system. So economics performances of country determine how well the citizens would
live. Stable economic leads to a harmonious country where everything can run smooth. Because in
todays world, no trades are free. They need money. They need economics. In this artic le we would
go through how United Kingdom has been doing all these years. How living standards being affected
by the economic performances of the country itself. There would be numbers of indicators to
indicate whether its doing well or not.
Back in 1971 , the GDP ( bn at the current prices ) was 57.5 , as we can see the the GDP
rises to 1309.9 in year 2006 which there s huge amount of difference to show how drastic the
changes in 35 years. For sure within this period, the standard of living becomes better. GDP is
defined as Gross Domestic Product which used to measure the performances of the economy for the
country. If GDP increases, it means that the country economics performances are doing well.
Table 9 shows that how an economic performances that doing well could benefit to a better
standard of living. In early 1970-1971, government spending on education as % of GDP is 5.20. In
year 2006, the data shows that the government had spent more on the education which is 5.60.
People got to believe that when someone is well educated, they will contribute more for the
economy so the performances could rise up. For the employment rate, the female shows that there
are huge differences between the numbers of female that joins labour force in year 1971 to 2006.
This is to show that woman no longer baby-sitting their babies and be a housewife forever, because
when the joined the market, the performances getting better by years. Labour demand is one of the
causes of economic growth. Thus the data proved it. The existence of households increased which to
show that economic welfare being taken care by the government as they can provide more houses
during the duration time from 1971 to 2006. Health states of the citizens being better as the
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statistics of prevalence of adult cigarette smoking by sex decrease to 20% for both genders. Besides
that the volume of domestic household expenditure on goods and services increased thus resulted
to better economic performances. The air quality seems to be better in quality through the year and
this might be the result of the enhancement in the usage of technology for factories and other sorts
of activities that leads to air pollutions. These were some of the benefits of economic growth to the
society.
Nevertheless theres an opportun ity cost occur when your economy performances doing
well. Like the amount of unemployed people is 0.75 in year 1971. Surprisingly the numbers increase
to 0.96 in 2006. Supposedly when the economic is doing well, the rate of unemployment should
decrease. This could be affected by the preference of citizens about their working sector, company
taking immigrants as workers, where we can show the populations increase by 5 during the three
decades in the data Table 4. Next, we can see that numbers of abortions occur increase by 300 %
which considered as not a good sign to the country in terms of killing human rights for the babies ,
which is the right to live on. When the living standard gets better, people would consume more and
when they consume more, it may results to an increasement of obese people. The statistics shows a
YES to the assumptions. In 2003, more males and females were obese. At the same time, when the
rate of consumptions increase, the environment getting worse because they got to bare the carbon
dioxide emissions and wastage. This could lead to an unhealthy world, where global warming could
increase and UV light can penetrates easily into the earth as the ozone layer gets thinner. If these
kinds of situation keep happening, it could harm the health state of the citizens.
In conclusion, rising of GDP for 35 years could ensure the better United Kingdom in year
2020. Why I say it would be better, because the data showed more positive impact rather than the
negative impact. But at the same time, the res always an opportunity cost occur for something. As
we want to increase the economics performances, lots of things need to be sacrificed. For example,
the environmental problem might be worsened in times because lots of resources need to be
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processed and each process would cause wastages. In macroeconomic, we do learn that the rising of
GDP would give greater pressure on inflations, where only rich people could afford to consume
goods and service provided while the lower income people suffered. Economics is a derived to one
another, for example, the rising of price for a thing could result higher in price for other goods. In
2020, populations will increase, more job markets could exist, more people can get jobs, the
government might spend more on education sector. When people get more educated, they could
ensure a better life for them and their family members. On the other hand, lots of factors need to be
taken into accounts to ensure the predictions happen as expected. For example, political state of the
country, if its doing well, theres nothing much to worry about the economic growth. Lots of things
need to be considered in order to achieve the targets.