CHAPTER 31 ECONOMIC GROWTH Flashcards
Green GDP
A measure of GDP which takes an account of the environmental costs of production such as pollution and resource depletion.
Gross domestic product (GDP)
A measure of the output or value added of an economy which does not include output or income from investments abroad or an allowance for the depreciation of the nation’s capital stock
Gross national income (GNI)
The value of goods and services produced by a country over a period of time (GDP) plus net overseas.
Gross national product (GNP)
The market value of goods and services produced over a period of time through the labour or property supplied by citizens of a country both domestically (GDP) and overseas.
Hidden, black or informal economy
Economic activity where trade exchange take place but which goes unreported to the tax authorities and those collecting national income statistics
Net national income
A measure of national income which includes both net income from investments abroad and allowance for depreciation of the nations capital stock
Per person or per head or per capita
Per individual in a population
Purchasing power parties
An exchange rate of one currency for another which compares how much a typical basket of goods in one country costs compared to that of another country.
Standard of living
How well off is an individual, household or economy, measured by a complex mix or variables such as income, health, the environment, participation in society and political freedoms
Transfer payments
Income for which there is no corresponding output, such as unemployment benefits or pension payments.
Value and volume of national income
The value of national income is its monetary value at the prices of the day; the volume is national income adjusted for inflation and is expressed either as an index number or in money terms at the prices in a selected base.
