The total market value of goods and services produced over a period of time. Includes value of indirect taxes (VAT)
GDP
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An increase in the amount of goods and services produced per head of the population over a period of time
Economic Growth
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... is concerned with the whole economy
Macroeconomics
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... is the overall prices over time and takes into account inflation
Real GDP
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... measures data at prices of the day and doesn't take into account inflation
Nominal GDP
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... shared between the population
GDP per capita
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... measures the final values of incomes going into the UK
GNI
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... are incomes received without any corresponding output in the national economy
Transfer Payments
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... are the effects of something on a third party
Externalities
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... refers to the quantity if currency needed to purchase a given unit of a good
Purchasing Power
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The ... calculates how many units of currency are needed to buy a ... Then compared with exchange rates
Big Mac Index
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This measurement is not included in GDP measurements but includes: Life satisfaction surveys, Healthy life expectancy, median household income, Household net worth
National Happiness
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... factors help the economy to grow: Higher wages, Tax cuts, Increased Government Spending, lower interest rates and devaluation of the £
Demand Side
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... factors help the economy to grow: Improved technology, Increased labour productivity, discovering new raw materials, increased investment and increased labour force
Supply Side
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Other cards in this set
Card 2
Front
An increase in the amount of goods and services produced per head of the population over a period of time
Back
Economic Growth
Card 3
Front
... is concerned with the whole economy
Back
Card 4
Front
... is the overall prices over time and takes into account inflation
Back
Card 5
Front
... measures data at prices of the day and doesn't take into account inflation
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