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7 Cards in this Set
- Front
- Back
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What is GDP?
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rate at which potential output is increasing over time.
A measure of all activity in the UK economy in a particular period |
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How is GDP measured?
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Levels of output
Levels of expenditure Levels of income |
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How is GDP calculated?
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Looks at the output of tens of thousands of fims.
Information is gathered from each sector and the ONS |
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How often are GDP figures released?
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Every 3 months
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Why does the GDP figure often get revised?
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The initial figure is a 'flash' estimate for policy makers, only based on output measure.
Not all data is availble initially so the figue is fluid and likely to change |
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What is GDP used for?
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Gives an overall picture of the economy and the state it is in .
This can then give signals to the Bank of England to make changes |
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What is GDP per capita?
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total GDP divided by the population
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