Macroecons Indicators Flashcards
1
Q
Gross National Product
A
GNP is the market value of all final goods and services newly produced anywhere in the world from the resources belonging to residents of a country in a given period of time.
2
Q
Standard of Living
A
SOL refers to the level of well-being or welfare enjoyed by an average person or resident of a country.
Material: quantity and quality of goods and services available to the residents for consumption
Non-material: intangible quality of life
3
Q
Gross Domestic Product
A
The GDP is the market value of all final goods and services newly produced within the geographical boundaries of an economy in s given period of time (usually a year).
