GDP and Comparing Nations

Flashcards on GDP and economic comparisons.

Nominal GDP

The GDP measured at current market prices, without adjusting for inflation.

PPP Adjusted GDP

GDP adjusted for purchasing power parity, which accounts for differences in the cost of goods and services between countries.

GDP Per Capita

A measure of a country's economic output per person, calculated by dividing the GDP by the population.

Top 10% Income Share

The percentage of total income earned by the richest 10% of the population.

Excluded Production (in GDP)

Economic activities that are not included in GDP calculations, such as unpaid work or illegal activities.

Income Distribution

How a nation's total GDP is distributed amongst its population.