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7 Cards in this Set
- Front
- Back
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Define Economic growth
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An increase in real income or GDP (actual growth) and increase in the productive capacity (potential growth) in a country
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Define Real GDP
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Real GDP is the level of GDP after changes in inflation have been taken into account
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What is GDP per capita
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Measures of the total output that takes the gross domestic product (GDP) and divides by No. of people in the country. It shows relative performance, therefore it useful for comparing performance
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Define Nominal GDP
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Measurement of GDP at current rate
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What is the different between Value and Volume GDP
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GDP of the number of output sold (volume) then GDP of the value of the output (value)
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How is GDP measured?
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Income, Expenditure (spending) and Goods and services (output)
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What is the problem with using Economic growth to measure living standards
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Earning more may mean that one works longer hrs more work pressures, higher cost of living and increased pollution from travelling more (social cost)
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