The meaning of CPI (Consumer Price Index) is a measure of how the price of goods and services changes over a period of time. Real GDP per capita means calculating the average income per person in a year. Cost of Living simply means the amount of money we use to live by everyday like, the money we paid for food, taxes, see doctor, and petrol for cars. While Standard of Living means the quality and how people are able to afford of housing, luxurious or non-luxurious living. Different levels of wealth and comfort ability.
The advantages of having a large population are an increase in a country’s wealth, more demands hence, causes a growth in economy as well as, rising of income per household. Benefiting larger families, with more money to spend for example, travelling and ability to purchase more stuff. If there are larger population in a country, it also means more money will go into the country’s capital for example, paying of taxes and household bills to the governments. Having a large population doesn’t mean it is an advantage too.
There are definitely disadvantages of having a large population in a country, like a shortage in properties, demanding of a rise in salaries and also shortage of resources. The real GDP for China in year 2011 was $7. 318 trillion USD, while the real GDP for Singapore was $239. 7 billion USD. Real GDP per capita for China was 8,500 USD while Singapore was 60,500 USD. There will be pros and cons of Cost of Living in China as China is a big country and difficult to maintain.
China has a total population of 1,344,130,000. As mentioned above, that the advantages of having a large population in a country may increase the wealth of the country as well as the economy. Demanding for Standard of Living for example, asking for bigger houses or space if there’s a big family. However, Singapore is a very small country with a population of only 5,184,000. Cost of Living is so much higher as Singapore is the smallest countries in the world and that makes it easier to maintain as compared to China.
More will demand on Standard of Living because Singapore is small and if, there are going to be new members joining in the family they will probably need to have a much bigger space to live. Singapore is also known as one of the richest country in the world. Thus, Standard of Living is high. Consumers demanding for better clothing, food and living environment. It is because Singapore is a small country and the country does not have to spend more money on maintenance except for upgrading and that makes more Singaporeans to be rich hence, Standard of Living is high.