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12 Cards in this Set
- Front
- Back
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GNP
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Gross National Product
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GDP
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Gross Domestic Product
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Green GDP
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A measure of the total output of an economy having taken into account the environmental consequences (externalities) involved in the production of that output
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Sustainability
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Sustainability is linked to the concept of sustainable development, which is development that meets the need of present generations without compromising the ability of future generations to meet their needs, Sustainability implies an ability to sustain the world's resources over time (the greater the GDP, the more Sustainability)
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Growth rate of nominal GDP
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Growth rate of real GDP
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APL
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Average Price Level
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Circular Flow Model
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a model used to test economic policies (made of equations)
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Model
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a smaller scale of something to see how it works
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Circular Flow Model (3 and 5 Agents)
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Households (HH)
Firms (Companies) Government ------------------------------------ + Banks + Rest Of the World (ROW) |
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S
X M Y C G I |
S: Savings
X: Exports to the ROW M: Import from ROW (by consumers and firms) Y: Income C: Consumption G: Government Spending I: Investment = Investment Goods = Machines produced by Firms purchased by other Firms |
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Leakages
Injections |
Leakages: M, T, S
Injections: I, G, X |
