Unit 7 Topic 3 Flashcards
What is GDP?
Gross Domestic Product; A measure of the total value of goods and services produced in a country within a year
What is GNP?
Gross National Product; A measure of the goods and services produced by a country’s citizens and companies both domestically and internationally in a year.
What is GNI per capita?
Gross National Product; The total value of goods and services produced by a country in a year divided by the country’s population.
What are per capita calculations?
Used to determine the average value of a particular statistic for a population
What are some uses of per capita calculations?
-Used to make comparisons between countries or regions with different population sizes
-Used to compare living standards or identify trends over time
-Can be influenced by a range of factors and may not be entirely accurate
What is the HDI?
Human Development Index; A measure of a country’s development that takes into account a range of factors, including life expectancy, education, and income.
-Ranks countries on their level of development
-Identifies areas that countries need to improve on
What is the MPI?
Multidimensional poverty Index; A measure of poverty that looks at multiple dimensions of well-being, inducing education, health, and living standards.
-Identifies the extent of poverty in a country
-Identifies groups that are disproportionately affected by poverty
What is the GDI?
Gender Development Index; A measure of gender-based inequalities in a country, taking into account factors such as life expectancy, education, and income.
-Identifies areas where women and girls may be disadvantaged in
-Identifies progress towards gender equality.
What is the EPI?
Environmental Performance Index; A measure of a country’s environmental performance, taking into account factors such as air and water quality, biodiversity and climate change.
-Identifies areas a country may be performing poorly in environmental protection
-Tracks progress towards environmental sustainability
What is a trade deficit?
Occurs when a country imports more goods and services than it exports.
What can a trade deficit do or show about a country?
-May show a country is relying too heavily on foreign goods
-Leads to pressure on a country’s currency
-It could show a country’s strength to attract foreign investment
What is the formal economy?
Refers to the organized, regulated, and structured economic activity that is recognized and supported by the government of a country.
-Included in a GDP or GNI calculation
What is the informal economy?
Refers to the economic activities that are not regulated or recognized by the government.
-Not included in a GDP or GNI calculation
What are some examples of the formal and informal economies?
Formal: Payment of taxes, employment in large corporations, sale of goods through business
Informal: Street vending, black market, services through unregistered channels, etc.
