Economic Flashcards
1
Q
Inflation
A
The general increase in the price of goods and services over a period of time
2
Q
Debt servicing
A
Paying interest on a loan
3
Q
GDP
A
Gross domestic product - is the total amount of goods and services produced in 1 period
4
Q
GNP
A
Gross national product - is the GDP less profits sent out of the county by foreign owned companies.
5
Q
Economic growth
A
Occurs when more goods are produced in in a country one year than were produced in the previous yrs.
6
Q
What is the formulae for inflation
A
Level of prices in yr 1
