Growth: Defintion

Question 1

Growth

Answer 1

Increase in the production of economic goods and services, compared to one period of time to another.

Question 2

Measurement of GDP

Answer 2

Real GDP
Net Social Welfare
Productive Capacity

Question 3

Real GDP

Answer 3

Shows the standard of living in an economy.
What is being produced.
How income Is distributed.
Impact on the environment.
How much production is illegal or undeclared to the economy.
How evenly wealth is distributed.

Question 4

Nominal GDP

Answer 4

The value of all goods and services produce in a year, is measured in current year dollar.

Question 5

Real GDP

Answer 5

The nominal GDP adjusted for changes in price level. Shows the actual production increase.

Question 6

Production

Answer 6

How much is produced in total.

Question 7

Productivity

Answer 7

How much is produced in total of input.

Question 8

Productive capacity

Answer 8

How much could be produced with the resources available.

Question 9

Net Social Welfare

Answer 9

Is a measure of growth includes both economic and non- economic factors.
Economic: values of goods and services produced.
Non-economic: environmental factors, level of pollution, impacts access of public facilities (education).

Question 10

Income distribution

Answer 10

How evenly the total income in the country is shared amongst the population.

Question 11

Public facilities

Answer 11

Places or services available for everyone to access, schools, hospitals, parks….

Question 12

Human development Index

Answer 12

Measure and compare a country is social and economic development with those of other countries.
Health (Life expectancy at birth)
Education (expected years of schooling)
Income levels