Explain changes in living standards.

• GDP (current US$)• Population• GDP per capita (current US$)• Literacy rate, adult• Life expectancy at birth, female, Life expectancy at birth, male• Fertility rate, total• Inflation•Unemployment• Poverty headcount ratio at $1.25 a day (PPP) (% of population)• One additional indicator of your choice. Give a brief explanation why you find this indicator interesting.Important Information to include:Explain how economic indicators assess the health of the economy-GDP, Unemployment,Inflation, etc.Explain changes in living standards.Explain the composition of GDP and how it is define/calculated.How has economic growth/decline occurred in the country?Identify the supply and demand forces that contributed to growth/decline.Describe factors accounting for economic growth.Trend rates of productivity.Explain how growth has changes the country/economy.Describe the business cycle in the country.Illustrate how unemployment is measured.Show and explain cost push/demand pull inflation.Discuss how inflation impacted the economy’s output.Describe how changes in income affect consumption.Explain how changes in rates impacted investment.Show the investment schedule of the country.Describe the AD/AS of the country.Apply the AE Model to characterize and describe the economy.List and explain factors that impacted consumption/investment.Find and explain 8-10 monetary policies implemented by the country.Find and explain built in stabilizers.Find and discuss any public debt the country may have.Discuss the banking system in the country.Gather information and explain the functions of the central bank.Find and explain 8-10 fiscal policies implemented by the country.Explain what backs the money supply.Discuss the impacts of the policies on the country and why they were put in place.Note: Not all indicators may be available for all countries. If a particular one is not available foryour chosen country, just write not available.