Economic Activity & Living Standards

0.0(0)
studied byStudied by 0 people
GameKnowt Play
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/3

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

4 Terms

1
New cards

What is the purpose of economic activity?

To use scarce resources to produce goods/services that satisfy needs and wants, improving material and non-material living standards.

2
New cards

Define material living standards.

Material living standards refer to an individual’s economic wellbeing, measured by their access to goods and services,

3
New cards

Define non-material living standards.

Non-material living standards relate to people’s intangible quality of life, irrespective of their income

4
New cards

Distinguish market vs non-market activity.

Market activity is paid work captured in GDP; non-market activity is unpaid (e.g. volunteer work, household chores) not counted in GDP.