2.1.1 econmic growth

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ribena

Cards (20)

what is GPD?
gpd is the value of goods and services produced from a countries economy
what are the three ways GPD can be measured ?
output measure
expenditure measure
income measure
what are some positives of the GDP data?
-its calculated quarterly/ 4 times a year so the measurements are up to date
GPD per capita=GDP/population
what is the GPD a measurement of?
its a measurement of the standard of living
what is economic growth ?
economic growth is when there is an increase in the productive capacity of an economy
what are the 4 can create economic growth?
increased productivity
investment in technology
investment in machinery
improved qualifications
what is real GDP?
the total value of all good and servicies that is adjusted from inflation
what is normal GDP?
total value of all goods and services produced in an economy in a given period of time, such as a year
what is total GDP?
total GDP reppresnts the the overall GDP for a country
what is GDP per capita?
GPD per cpita is the total GDP divided by the number of people in a country
what is gross national income?(GNI)
the value of goods and sevices produced by a country over a period of time plus net overseas intrest payments and dividents
what are the difrences between the value and volume?
the value of goods and services show their worth however the volume of godds and services show how much they are worth
what is the national happines measurment?
the national happiness measurment is a report that measure how lives are improving
when did the national happiness measurement start and by which prime minster?
since 2011 - david cameron
how often is the national happpinies in the uk conducted ? 
every year
how is economic growth measured ?
an increase in GDP
what is another word for trend growth ?
long -term growth
is real GPD adjusted from inflation?
yes
which of the four types of unemployment is not voluntary?
cyclical unemployment