29 - Measuring Economic Progress

Education

________ is important considering the standards of living within a country.

GDP per capita

the gross domestic product per person

GNI per capita

gross national income per person

GDP per capita PPP

gross domestic product at purchasing power parity

→ 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

Life expectancy at birth

number of years that a member of the population can be expected to live

Maternal mortality rate

annual rate of female deaths per 100,000 live births from any cause relating to pregnancy

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

Human development index (HDI)

measures development by combining indicators of life expectancy, education, attainment, and income

GDP per capita

the gross domestic product per person

→ output per person within a country

GNI per capita

gross national income per person

→ output per person produced by nationals of the country

GDP per capita PPP

gross domestic product at purchasing power parity

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

Life expectancy at birth

number of years that a member of the population can be expected to live

Maternal mortality rate

annual rate of female deaths per 100,000 live births from any cause relating to pregnancy

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

Human development index (HDI)

measures development by combining indicators of life expectancy, education, attainment, and income

Why is education important in economy?

more educated population = more productive workforce

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

Economic growth

An increase in production of economic goods and services, compared from one period of another