Economics - GDP

Question 1

GDP

Answer 1

gross domestic product

Question 2

gross domestic product GDP

Answer 2

total monetary/market value of all the finished goods and services produced within a country’s boarders in a specific time period
MEASURE OF ECONOMIC ACTIVITY

Question 3

National Income

Answer 3

measures the monetary value of the flow of output of goods and services produced in the economy over a period of time

Question 4

3 ways of calculating GDP

Answer 4

• national output
• national expenditure (AD)
• national income

Question 5

Gross National Product GNP

Answer 5

GDP + net income from abroad

Question 6

GDP per capita

Answer 6

GDP/ total population expressed in a common currency

Question 7

standard of living

Answer 7

main indicator is real GNI per capita

Question 8

data hidden from standard of living

Answer 8

• doesnt take into account debt
• regional inequalities of income and wealth
• unpaid work i.e. voluntary

Question 9

what does a higher GDP mean

Answer 9

(rising)
the economy is growing
and the resources available to people in the country
-shows that the economy is doing well

Question 10

what does a lower GDP mean

Answer 10

the economy goes into a recession

• more unemployment
• paid lower wages
• less investment
• a shrinking economy, less steady

Question 11

what does GDP not meausre

Answer 11

• how fairly things are being distributed

- how the environment is