Based on land, minerals and natural resources, labor and entrepreneurial innovation, which country do you feel has the greatest long-term potential, China or Russia? Explain your reasoning.
GDP, or gross domestic product, is the measure of the entire production and economic activity of a country. GDP can be used to measure the expansion or the contraction of a country's economy.
Answer and Explanation:
Based on the aforementioned land, minerals, natural resources, labor and entrepreneurial innovation, I feel that China has the greatest long-term potential. My reasoning for selecting China as the greatest long-term potential comes from the fact that China has a higher population, more natural resources, and more arable land than Russia. In addition, the government of China has proved to be more stable than Russia. Innovation is still low in both countries, but Chinese citizens have shown more initiative than Russia as the Chinese economy has grown rapidly over the last 20 years.
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from Economics 102: MacroeconomicsChapter 4 / Lesson 3