________ is important considering the standards of living within a country.
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GDP per capita
the gross domestic product per person
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GNI per capita
gross national income per person
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GDP per capita PPP
gross domestic product at purchasing power parity
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→ Purchasing power parity
estimates the amount the exchange rate needs to be adjusted between countries in order for identical goods and services from different countries to have the same price
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Life expectancy at birth
number of years that a member of the population can be expected to live
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Maternal mortality rate
annual rate of female deaths per 100,000 live births from any cause relating to pregnancy
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Infant formality rate
compares the number of deaths of infants under 1 year old in a given 1,000 live births in the same years
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Human development index (HDI)
measures development by combining indicators of life expectancy, education, attainment, and income
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**GDP per capita**
the gross domestic product per person
→ output per person within a country
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**GNI per capita**
gross national income per person
→ output per person produced by nationals of the country
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**GDP per capita PPP**
gross domestic product at purchasing power parity
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Purchasing power parity
estimates the amount the exchange rate needs to be adjusted between countries in order for identical goods and services from different countries to have the same price
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**Life expectancy at birth**
number of years that a member of the population can be expected to live
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**Maternal mortality rate**
annual rate of female deaths per 100,000 live births from any cause relating to pregnancy
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**Infant formality rate**
compares the number of deaths of infants under 1 year old in a given 1,000 live births in the same years
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**Human development index (HDI)**
measures development by combining indicators of life expectancy, education, attainment, and income
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Why is education important in economy?
more educated population = more productive workforce
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What does lower HDI mean?
Some lower income countries may have a high HDI value due to their high life expectancy/education which are provided by well run public services
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Economic growth
An increase in production of economic goods and services, compared from one period of another
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