economics unit 2 3.5 / 5 based on 2 ratings ? EconomicsASEdexcel Created by: ishahCreated on: 30-03-13 23:31 absolute poverty is living on $X dollars a day which is the same amount in every country and nobody should fall 1 of 16 relative poverty is when you are unable to keep up with the rest of society and this standard is different in most countries 2 of 16 the most serious poverty is absolute poverty 3 of 16 income is said to be like a flow 4 of 16 wealth is said to be like a stock 5 of 16 the higher the gini coefficient the greater the.. inequality of income 6 of 16 a measure of the increase in the value of output of goods and services within a time period is... economic growth 7 of 16 per capita means per head 8 of 16 nominal GDP and real GDP differ because real takes account of inflation 9 of 16 ppp stands for purchasing power parity 10 of 16 human development index contains 3 elements of: resources, life span and schooling 11 of 16 gap output is the difference between potential and actual economic growth 12 of 16 aggregate demand is total spending on goods and services made in an economy 13 of 16 AD= C+I+G+(X-M) 14 of 16 investments, exports and government spending are injections into the circular flow 15 of 16 tax, savings and imports are leakages from the circular flow 16 of 16
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