Recently, while sweeping outside at my place of business, I found a South Korean 1000-Won note. It’s worth about one US dollar. I got to wondering exactly what one US Dollar would buy in S. Korea’s currency.
For example, while one Dollar will buy one small cup of coffee here, how many cups would 1000 Won buy in S. Korea?
Go to this currency exchange site (or any one you like) and convert from US Dollars to your local currency, and tell me how much “stuff” that will buy.
$1 American - small coffee OR budget hamburger at most fast food restaurants
$5 American - about 1 1/4 gallon gas OR 2 pounds of tomatoes, OR bargain fast-food meal, OR one gallon milk (with a little change)
$10 American - mid-low range bottle of wine, OR one paperback novel (with a little change), OR 2 cheap T-shirts at Wal-Mart.
Feel free to use any US denominations and any type of “stuff” you like.
You might be interested in the Big Mac index: short description here, subscription needed to read the full article; the Wiki article is free, of course. It’s the attempt to calculate “true” exchange rates between currencies based on the price of a Big Mac in various countries.
An extensive table of Big Mac prices worldwide can be found here. According to that site, a Big Mac costs 3,200 won in South Korea, or $2.78.
In Australia, it wouldn’t be enough money for much at all, these days. A can of soft drink would be about US$1.50, same for a small chocolate bar. A hamburger? Even for the smallest, it wouldn’t even be close.
Maybe an instant coffee out of a workplace vending machine.
$1.00 in Central African Francs (about 500 CFA) in Cameroon will buy you
[ul]
[li]One meal at a nice small-town restaurant (beef and fries) or one good sized grilled fish on the street. [/li][li]One large beer or soda[/li][li]enough vegetables to last a single person a couple days[/li][li]a liter of smuggled Nigerian gasoline[/li][li]20 cups of local tea[/li][li]5 small bags of peanuts, hard boiled eggs, or other locally produced snacks[/li][li]1 day of unskilled labor (housekeeping, guarding the house, etc.)[/li][li]1 hour’s salary for a teacher (representing likely the best educated people in town…teaching is considered a very well paying job)[/li][li]5 rides on a motorcycle taxi or about 1 hour of transportation in a crowded minibus[/li][/ul]
$5.00 (around 2500 CFA) will buy you
[ul]
[li]Sewing costs for a few really nice pieces of clothes from the tailor[/li][li]Dinner at a very nice local restaurant in a big city[/li][/ul]
$10.00 (around 5000 CFA) will buy
[ul]
[li]Dinner at one of the nicer ex-pat restaurants in the country[/li][li]A drink at happy hour at the Hilton in Yaounde[/li][li]A can of imported pringles or a very small block of cheese[/li][li]A six hour minibus ride, or an hour or two on a motorcycle taxi[/li][li]A six yard piece of mid quality cotton fabric[/li][li]A month’s salary for a house guard, cook, or part-time housekeeper[/li][/ul]
In Mumbai, India, $1 @ Rs. 46, will get you a lunch combo at a middling restaurant, nothing fancy at all, but enough for a lunch on the move.
Or a 2 litre bottle of foreign pop (Coke, Pepsi…etc).
Or 1.3 litres of whole milk.
Or 10 trips on the public bus network, each roughly 5-6 kilometres.
Or constitute 1/7th of the monthly bill for 200-channel cable.
This is the coolest thread ever. I’m in Canada, and the currency up here is close enough to the U.S. stuff in the O.P. that it’s not worth posting differences, but please you folks from far away lands, keep the posts coming.
The emphasis in what TheLoadedDog wrote is these days. Prices are soaring here.
$1.00 - not even a newspaper. What does the daily paper cost elsewhere? Ours are about $1.50 during the week, and over $2.00 for the weekend ones where we throw most of it out to get the good stuff
1/2 hour parking meter.
$5.00 - a small sandwich at a pretty ordinary cafe.
a few pieces of fruit
short public transport ride
$10.00 - simple lunch at an ordinary cafe, nothing fancy
1/2 a new paperback book
But doesn’t it also matter what pay rates are?
It may be that I earn a lot more for a day’s work than someone in Cameroon, in which case the cost difference may be compensated.
Is there a job - say a first year teacher - which we can use to compare pay rates?
I’m in Greece so working in Euros (pronounced Evro over here) and lepta (cents).
$1 = €0.70 - Not much: a can of drink, carton of milk.
$5 = €3.50 - Now you’re talking: over two litres of local wine from a shop, about 0.75 of a litre if you buy it at a taverna.
$10 = €7 - About 1.5 gallons (US) of Unleaded Petrol.
$1 = 6.6 Swedish crowns
Will buy you a can of generic baked beans, Heinz is about $1.25 $5 = 33 Swedish crowns
two cheeseburgers and a medium coke at McD $10 = 66 Swedish crowns
Gets you the cheapest bottle of plonk from the “Systembolaget” (Swedish state liquor store- oooh that sounds so socialist) or one pizza (one serving, not the large family kind) at a restaurant.
$1 = 17 Kc (Czech Crowns). This won’t really buy anything at all. A 500ml bottle of Coke costs at least 20 Kc. A metro ticket for 5 stops is 18 Kc. I can’t think of anything for only 17 Kc.
$10 = 170 Kc - dinner in a decent restaurant with a soft drink.
$1 = 3.67 AED (UAE Dirhams). A 330ml can of soda is 1 AED as is a water taxi ride across the Creek (7 minutes).
$10 = 36.7 AED A taxi ride most of the way across town, a movie ticket, or a decent sit-down meal in a local restaurant.
Just to get my pedant on, the Big Mac index measures “buying power” (i.e., how much stuff one can buy with a unit of currency), which is technically different than the exchange rate between different currencies.
You can buy the Washington Post from a kiosk around here for 50 cents, Monday through Saturday. The Sunday edition is special and costs $1.50.
The Baltimore Sun, for whatever reason — desperation perhaps? — costs more than the Post at 75 cents for a daily.
The Baltimore Examiner is tossed onto my driveway for free once or twice a week, without my consent or request. But I would consider paying them to stop delivering it, if I thought they’d listen.
On the contrary, things are generally much more expensive in Canada. I am told in the US McDonalds has a “Dollar menu” where items cost only $1, while the same menu is $1.39 in Canada. Almost a 40% difference! I’ve been to the US and almost any kind of fast food over there are both cheaper and have larger portions. :mad:
I’m very much away of that. But the basic idea behind the theory of purchasing power parity is that the same amount of money should be able to buy the same set of things everywhere, so the ratio of product prices determines the “true” exchange rate between currencies, as opposed to the exchange rate which comes up as a result of trading on money markets.
Tunisia:
$1 = 1.10 TND: A Coke or round trip tram ticket within Tunis.
$5 = 5.50 TND: A fresh 400ml or so strawberry juice and a cup of tea from a cafe.
$10 = 11.00 TND: A simple meal for two with soft drinks.
Isle of Man:
$1 = 0.54 GBP: A cup of tea if you are very lucky.
$5 = 2.73 GBP: A soda and a small bag of crisps (American potato chips)
$10 = 5.40 GBP: A gallon of gasoline.
Yemen:
$1 = 200 YER: 6 cans of Mountain Dew (not that I ever bought that many) with a bit of change left over.
$5 = 1000 YER: A giant meal for two consisting of two half-chickens, rice, drinks, and sweets with 200-400 YER left over.
$10 = 2000 YER: I never spent this much money at one time.
Those are some crazy prices. The San Francisco Chronicle just went up to 75 cents daily, and $1.50 on Sunday. Parking meters are $1.50 for one hour. I can get at least a couple of pounds (at least one kilo) of almost any fruit for $5.00, maybe even 5 pounds of oranges. The Muni bus / train is $1.50, which enables you to take 3 separate trips within two hours, and they go everywhere in SF.
When my wife was a first-year teacher, not in SF, she made about $37000 US before taxes. Now, in San Francisco, a first year teacher makes about $50,000.
That’s amazing. That meal would be at least $20, or 4000 YER, here, and at MOST places, it would be more.
or just over half a US gallon of petrol :eek: