chapter 6.5 part 1 Flashcards
what does GDP per capita capture
some of what we mean by the standard of living
where does most of the migration happen for example
people living in places with low GDP per capita to countries with high GDP per capita
what does GDP focus on
production that is bought and sold in the market
standard of living
all elements that affect a people’s wellbeing whether bought and sold in the market or not
who sees GDP as outdated and a limited measure of wellbeing and prosperity
Kate Raworth
can two countries have the same GDP even if their workers are working different hours
yes
is the standard of living in the US higher than countries with a lower GDP per capita
not necessarily since the US workers may work more hours than the other countries who gets vacation weeks that aren’t counted
what type of production does GDP cover
production that is exchanged in the market but not production that is not exchanged in the market
what is one remarkable change in the US economy in recent decades
growth of women participation in the labor force
what is the percent change in women participating in the labor force in recent years
as of 1970 only 42% of women participated in the paid labor force. As of 2010-2019 nearly 60% of women participated in the paid labor force
what are monetized and un-monetized goods and services (this is not part of the concepts just word in textbook that was new to me)
un-monetized goods refer to products or services that are not directly exchanged for money. Monetized goods and services are goods and services that are sold or exchanged for money
what does Raworth advocate
economic measures include monetized and un-monetized goods and services so the status and contributions to each economy is more accurate
