Income And Inequality Flashcards
1
Q
GDP per capita
A
GDP divided by the population.
2
Q
Nominal , real GDP
A
Nominal: values production of goods at current prices
Real: values production of goods at constant prices
3
Q
Absolute poverty
A
Consumer cannot afford basic needs
4
Q
Relative poverty
A
Consumers cannot afford what is considered acceptable for the society
5
Q
Inflation
A
Economies overall pricing is raising
Value of money decreases when price rises.
6
Q
Consumer price index
A
Measure of costs of good or services bought by a consumer
Rises: more money spent to keep standard living
7
Q
Gross domestic products
Gdp
A
Measure of total income and total expenditure of a country
