Economic Performance Flashcards
List the benefits of economic growth
Increased material standard of living
Fall in poverty
Increased tax revenue
Improved current account
What is “Fall in Poverty”?
a reduction in the number of people or households living below the poverty line within a given population
What is the increased material standard of living?
an improvement in the quantity and quality of goods, services, and physical resources available to individuals or households.
What are consequences of economic growth?
Inflation
Unsustainability of Growth
Upheaval and stress of longer working days
Relative poverty and income inequality may increase
Why does economic growth lead to inflation?
As economic growth occurs, demand for product and services outgrows an economies capacity to produce them
What is the unsustainability of Growth?
Use of non renewables like coal and oil
Why does economic growth lead to more stress and upheaval?
The Easterlin Paradox
What’s the Easterlin Paradox?
The Easterlin Paradox observes that higher income is associated with higher happiness, increases in a country average income does not correlate with increased happiness among its citizens.
What are crucial indexes?
Human Development Index (HPI)
World Happiness Report
OECD Report
Carbon Dioxide emissions per capita
What does the world Happiness Report show?
It ranks countries based on how happy citizens persevere themselves to be.
What is the world Happiness Report ranking 2023?
Finland
Denmark
Afghanistan
What is OECD better life?
Measures well being across income, job, health, environment and education.
OECD better life ranking
Norway
Australia
What is the Human Development Index?
A composite measure of living standards, made up of the average of income, health and educational attainment
Human Development Ranking
Switzerland
Norway
Ireland
