Tricky Vocab Flashcards
1
Q
Purchasing power parities
A
Exchange rates which compare the cost of living in each country
2
Q
Wealth
A
A stack of assets which produce a flow of income over time
3
Q
Nominal GDP
A
Measured by adding up all prices of goods in the economy
4
Q
Real GDP
A
Adding up the quantity of goods and services produced (no prices)
