Comparing GDP Per Capita and Unemployment Rates for Top Job Search Cities

Name Instructor Course Date Project: Best Location to Search for Jobs One can define per capita GDP as the measure of a country's economic output per person. A microeconomic indicator measures the average income earned per person in a given region (for example, a given country) in a specified period (like a specific year). The unemployment rate is a microeconomic indicator that measures the underutilization of labour supply in a specified region. A good example that expresses the unemployment rate is the inabilities of an economy to generate employment for potential workers regardless of their urge to work or actively seek employment. The purpose of the per capita GDP is to measure the prosperity of a specified nation based on its economic growth, thus defining its ability or inability to sustain its populace. At the same time, unemployment allows the Federal Reserve to determine the state of its economy when setting monetary policy. To this effect, both microeconomic indicators help analyze the economic status of a given area over a given time; thus, people can choose which areas are best to search for jobs. Per capita GDP is calculated by dividing the areas total income by its total population therefore Per capita GDP for the four cities is: Abilene: $ 6 330 289 divide by 166 963= $37.91 Brownsville: $ 9 935 722 divide by 415 557= $23.91 Laredo: $6 769 544 divide by 259 172= $26.12 McAllen: $18 066 662 divide by 806 552= $22.4 The unemployment rate is calculated by expressing the number of unemployed persons as a percentage o