lesson 8 - limitations of gdp

Question 1

qol (quality of life)

Answer 1

stand of health,happiness, security, comfort of an individual/nation

Question 2

non-market transactions

Answer 2

econ activity that takes place informally, not recorded taxed or monitoredi

Question 3

income inequality

Answer 3

disproportionate share of nation’s income

Question 4

sustainability

Answer 4

ability for a system to endure indefinitely into a future

Question 5

economic bads

Answer 5

any outcome from econ activity that creates negative value
e.g pollution

Question 6

real GDP per capita

Answer 6

gdp divided by population

Question 7

depreciation of capital

Answer 7

the decrease in value of the nation’s capital stock over time

Question 8

human development index (HDI)

Answer 8

a composite measure of health wealth and education

Question 9

gpi (genuine progress indicator)

Answer 9

income and output by gdp

Question 10

hpi (happy planet index)

Answer 10

happiness, life expectancy, inequality, ecological footprint