The Big Mac economy
The materials and information required for this science project:
- GDP per capita of various countries
- Price of Big Mac in various countries
- A computer to help analyze the data
1. A list of 10 countries will be used for the survey. To simplify the analysis, the selection of the countries will be made based on the GDP per capita, so that the result will reflect a broad range of poor and rich countries.
2. Research the GDP per capita for various countries on the internet. Once the figures are obtained, the 10 countries are selected and they are recorded in the table below.
3. The price of the Big Mac burger in each of the countries is next searched for on the internet. The result of the search are also recorded in the table below.
4. Based on the data, the first chart is created to compare the ratio of GDP per capita to the price of the Big Mac in each country. To do this the GDP per capita is converted to per unit of US$10K. The chart is then plotted with the GDP per capita figures and Big Mac prices, side by side for each country, as shown in chart 1.
5. The second chart is created to observe how the price of the Big Mac will change against the increasing GDP of various countries. The data for the countries is arranged along the X-axis with increasing GDP as shown in chart 2. The price of the Big Mac for each country is then plotted.
6. The data and the charts are now ready for analysis.