Economics Test 2
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7 Terms
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Material living standards
access to goods and services (measured by GDP per capita, income)
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Non Material Living Standards
quality of life factors (happiness, safety, freedom, environment)
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OECD Better Life Index
compares countries on multiple well-being indicators (housing, jobs, environment, education, health,etc.)
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Human Development Index (HDI)
measures health, education, and income to compare living standards.
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How is it measured
Measured by using a composite score between 0 and 1
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leakages
money leaving the economy (savings, taxes, imports)
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injections
money entering the economy (investment, government spending, exports)
Note 
Flashcards (42)