Distinction Between Economic Measures Flashcards
1
Q
What is real gdp?
A
Real values adjust for inflation and reflect changes in the quantity of goods and services produced
2
Q
What is real gdp?
A
Real values adjust for inflation and reflect changes in the quantity of goods and services produced
3
Q
What nominal gdp?
A
Nominal value do not adjust for inflation and represent current market prices
4
Q
What is total gdp?
A
Total values represent the aggregate sum of a variable for a given population or area
5
Q
What is gdp per capita?
A
Per capita values represent the average amount per person and are calculated by dividing the total by the population
6
Q
What is value gdp?
A
The monetary worth of goods and services produced
