a) GDP

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Last updated 7:15 PM on 4/13/26
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6 Terms

1
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  • state how economic growth within a nation is measured


  • GDP


2
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  • define GDP


  • value of income earned from the production of goods and services within a nation in one year


3
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  • define nominal GDP

  • define real GDP


  • GDP not adjusted for inflation

  • GDP adjusted for inflation


4
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  • define per capita GDP


  • average GDP per person


5
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  • define the value of GDP

  • define the volume of GDP


  • monetary worth of GDP

  • physical quantity of GDP


6
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  • state the limitations of using GDP as a measure of economic growth


  • the measure of GDP excludes

    • income inequality

    • product quality

    • voluntary work

    • hours worked