Although studies show that people from rich countries are generally happier than those from poor countries, the same studies indicate that poor people lead more meaningful lives. People from rich countries have more things, which makes them happy, but poor people tend to have stronger relationships.Know More
The Easterlin Paradox proposes that while people in rich countries are not necessarily happier than people in poor countries, a rich person within a country is usually happier than a poor person from the same country.
A Gallup poll found that only one-third of people making less than $35,000 a year are happy, but all of the people making more than $500,000 a year say they are very happy.
Some studies show that the level of happiness is never satiated; a person making $1 million a year is not as happy as a person making $2 million a year.
A study by the Brookings Institution supports the theory that a person cannot be rich enough. Wealth equates to freedom and privilege and gives those who have money the ability to live and work in a number of different places in the world. Wealth also relieves the stress of meeting basic needs, such as food, clothing and shelter, which adds to the happiness quotient.Learn more about Economics
Multilateral trade agreements are agreements on trade issues between three or more countries. They are difficult to negotiate because of their complexity, but once agreed upon, they are very powerful and beneficial for the nations involved, giving each nation equal status in terms of trade.Full Answer >
Third world countries are underdeveloped nations where poverty is rampant. Third world countries also referred to nations that never sided with the policies of the United States or the former Soviet Union during the Cold War.Full Answer >
Qatar, Luxembourg, Singapore, Brunei and Kuwait are the countries with the highest gross domestic product per capita, as of October 2015. China, the United States, India, Japan and Germany are the countries with the largest GDPs overall.Full Answer >
Free trade means unrestricted, open sale of goods and services between countries. The unrestricted sale of goods means the elimination of trade barriers such as tariffs, duties and quotas. Free trade is usually considered a win for both countries involved, maximizing the economic output of both economies.Full Answer >