Contemporary Economic Challenges A 2 - Prosperity* Flashcards
1
Q
What factors distinguish a prosperous neighborhood from a poorer one?
A
2
Q
Define ‘production’
A
3
Q
Define ‘expenditure’
A
4
Q
Define ‘income’
A
5
Q
Why must the different factors that can be used to measure GDP be the same value?
A
6
Q
At what level is GDP usually measured at?
A
7
Q
What is the usual unit of measurement for GDP?
A
8
Q
What does GDP count?
A
9
Q
Under what condition would GDP not be a good measure of prosperity?
A
10
Q
What’s the equation for GDP per persom?
A
11
Q
What are the limitations of GDP?
A
12
Q
State factors that aren’t considered in GDP
A
13
Q
What’s Goodhart’s Law and how is this relevant to GDP?
A
14
Q
What are the points in defense of GDP
A
15
Q
What are the alternatives to GDP?
A
