Real GDP Flashcards
1
Q
REAL GDP
A
Shows the standard of living in an economy.
Income distribution
Impacts on environment
Production if illegal
Wealth distributed
2
Q
Net Socal welfare and strengths
A
The measure of growth includes both economic (values of goods and services produced) and non-economic (environmental, pollution, public health facilities) factors.
3
Q
Limitation of GDP
A
Weakness: Distribution of GDP is Unknown, can’t tell if there is a gap
Happiness and well being
Ineqaulity
4
Q
Weakness net socail welfare
A
Subjective and option based.
5
Q
Strengths GDP
A
Strengths of real GDP: objective or measurable,
factual, linked to income or expenditure in
economy.
