Ch 29 - Measuring Economic Progress
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20 Terms
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Education
________ 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
→ 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
→ output per person produced by nationals of the country
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**GDP per capita PPP**
gross domestic product at purchasing power parity
13
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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
14
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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