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A nation’s wealth can best be determined by looking at its people. But it isdifficult to rely on any one statistic. Are the Kuwaitis better off because they earnmore money per capita than the Brazilians? Are the French better off if they havemore telephones per household than the Canadians?There are many different ways to determine wealth. Economists define wealth aswhat a person owns, such as stocks and real estate, but many people look first to theirlevel of income to see if they are well off. Comparing salaries in different countries,however, is like comparing apples and oranges, because the salaries in each countryare paid in different currencies. We need to somehow translate what each personearns into a common unit of measure.One way of translating salaries is to first compare the value of the currencies ofthe countries in question. This is usually done by using exchange rates that tell us thevalue of one currency calculated in terms of another.Exchange rates, determined by the foreign exchange markets around the world,
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