From the course: Economics for Business Leaders

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Making comparisons

Making comparisons

From the course: Economics for Business Leaders

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Making comparisons

- Did you know the economy of Texas is bigger than the economy of Australia, but just smaller than the economy of Canada? It's true. More importantly, this is exactly the kind of economic comparison that business leaders love to make. You take the size of something that's difficult to grasp and compare it to something that's more tangible. This is really important for framing strategic discussions, especially when you're working with leaders who have lots of numbers in their mind, and they really just want to know the big picture. There are a few key topics where this works really well. The first is economic growth, like in my Texas example. Other examples might involve comparing the GDP of cities. Like if you look at the GDP of New York City, that's equal to roughly the GDP of Texas. Which means it's also a little bit bigger than the GDP of Australia and a little bit smaller than the GDP of Canada. Demographics is…

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