Economic Growth
- Created by: LouLouC
- Created on: 18-03-17 12:52
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- Economic Growth
- GDP
- the total amount of goods and services produced in a country in a year
- real - means that inflation has been taken into account
- Other Measures
- GNP - the total market value of all goods and services produced by domestic residents (GDP) plus the value of sales abroad by residents minus the value of output claimed by non residents
- GNH - a measure of national wellbeing. Surveys attempt to measure subjective happiness such as friendships and social interactions alongside traditional measures such as real incomes
- PPP - used to compare GDP in different countries using the PPP exchange rate - the rate where the basket of goods would cost the same in each country
- Limitations of GDP
- volume versus value
- income inequality
- population
- environment
- hidden economy
- GDP
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