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briefly define and discuss the importance of considering gross domestic product, per capita, and per capital...

briefly define and discuss the importance of considering gross domestic product, per capita, and per capital expenditure on health care when considering wages and benefits in multiple countries. What role do purchasing power parity exchange rates play?

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Answer:- GDP per capita, per capita expenditure on healthcare are important determinants when considering wages and benefits in different countries because they influence the wages paid to the employee. Wage rates can not be made equal in different countries by just keeping them equal quantitatively. Because different companies have different GDP per capita leading to difference in general living standards similarly some countries have govt financed healthcare so normal people spend less on healthcare. Whereas in other country healthcare may be in private hands and more expensive. So all these factors are essential to determine a suitable wage rate. Countries with lower GDP generally have lower wage rates as compared to high income countries thus their people have advantage in jobs.

To compare GDP per capita and expenses on different goods purchasing power parity concept is important. Because different currencies with different values are used throughout the world. For comparing cost of living the cost of a basket of goods in different countries is compared. This gives a fair idea for deciding suitable wages.

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