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  • Created by: FunkyFrog
  • Created on: 05-06-14 10:32
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  • GDP PER CAPITA (measuring living standards)
    • HIDDEN ECONOMY: GDP STATISTICS WILL NOT TAKE INTO ACCOUNT UNDERGROUND ECONOMIC TRANSACTIONS
    • HARD WORK: DOES NOT TAKE INTO ACCOUNT A PERSON'S HARD WORK
    • NEGATIVE EXTERNALITIES: GDP PER CAPITA AS A MEASURE TAKES INTO ACCOUNT N.E. (POLLUTION) = OVERESTIMATE LIVING STANDARDS IN THE COUNT
    • COMMON CURRENCIES: WHEN A COUNTRY'S GDP IS USED TO COMPARE CURRENCIES; THEY HAVE VARYING PURCHASING POWER MEANING IT WILL NEVER BE A TRUE COMPARISON
    • LIMITATIONS

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