economics unit 2

  • Created by: ishah
  • Created 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

Other cards in this set

Card 2

Front

relative poverty is

Back

when you are unable to keep up with the rest of society and this standard is different in most countries

Card 3

Front

the most serious poverty is

Back

Preview of the front of card 3

Card 4

Front

income is said to be

Back

Preview of the front of card 4

Card 5

Front

wealth is said to be

Back

Preview of the front of card 5
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