Economic Growth Flashcards
1
Q
What is GDP/Gross domestic product
A
GDP measures the size of a country’s economy
2
Q
Economic growth
A
The increase in the production of goods/services in an economy
3
Q
Purchasing power parity
A
An economic theory that allows the comparison of the purchasing power of various world currencies to one another
4
Q
National well-being
A
A measure of our living standards and quality of life
5
Q
What is GNI/Gross National income
A
GNI measures all income of a country’s residents and business regardless of where it’s produced
6
Q
GDP per capita
A
GDP per capita is a measure of a country’s economic output that accounts for its number of people. It divides the country’s gross domestic product by its total population
