Economic growth

• What does GDP stand for?

  Gross Domestic Product
• What is GDP defined as?

  The market value of all final goods and services produced in a country within a given time period
• What are the macroeconomic objectives?

  1. Economic growth
  2. Low stable rate of inflation
  3. Low rate of unemployment
  4. Income redistribution (reduce inequality)
  5. Protect the environment
• What is Normal GDP?

  The value, in current prices, of all final goods and services produced in a country within a given time period
• What is Real GDP?

  The value, in constant prices, of all final goods and services produced in a country within a given time period
• How is Per capita GDP calculated?

  Per capita GDP = GDP/population size