Development Indicators Flashcards
1
Q
What Is GNP and what does it stand for?
A
Gross national Product. Measures total economic output of a country in a year including foreign investment earnings.
2
Q
What is GDP and what does it stand for?
A
Gross Domestic Product. This is the total value of goods and services produced by a country in a year.
3
Q
What is GNP/Capita
A
The GNP of a country divided by its population. (capita = person)
4
Q
What does economic growth measure
A
The annual increase in GDP, GNP, GDP/capita or GNP/capita
5
Q
Inequality of wealth is?
A
The gap in income between a country’s richest and poorest people.
6
Q
What does inflation measure
A
How much the prices of goods, services and wages increase annually.
