GDP Flashcards
1
Q
WHO IS THE BIGGEST ECONOMIC AGENT
A
Government
2
Q
define GDP
A
TOTAL VALUE of the goods & services produced within a country during a period of time
3
Q
High GDP= HIGH
A
LIFE EXPECTANCY
HAPPINESS
Human development index
income for the poor increases
4
Q
the problem of GDP is that it misses the ____________
A
distribution of income
5
Q
GDP PER CAPITA (Calculation)
A
GDP/Population
6
Q
limitations of GDP
A
POPULATION
INEQUALITY
ENVIRONMENT
SHAD+OW ECONOMY
7
Q
Nominal VS real
A
nominal= the dollar value (surface value)
real=focuses on the VALUE not the dollar
