§2.2 Measuring economic development
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Last updated 3:41 PM on 11/1/22
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7 Terms
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Gross Domestic Product (GDP)
The total value of all products and services produced by a country.
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GDP per capita
The total GDP of a country divided by the number of citizens in that country.
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Primary sector
The employment sector in which people earn their money by working in agriculture, mining, forestry or fishing.
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Secondary sector
The employment sector in which people earn their money by working in a factory
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Tertiary sector
The employment sector in which people earn their money by providing services.
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Informal sector
The employment sector in which people perform a job that is not registered and where no tax is paid.
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Purchasing power
The amount of goods and services you can buy with a certain amount of money.
