Economic Growth & GDP
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5 Terms
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Define GDP.
The total value of goods and services produced in an economy in a given period.
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What is real GDP?
GDP adjusted for inflation.
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What is GDP per capita?
Real GDP ÷ population — measures average income/output per person.
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Limitations of GDP as a measure of living standards?
Ignores distribution, non-market activity, environmental costs, quality of life.
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Alternative measures to GDP?
HDI (Human Development Index), MAP (Measures of Australia’s Progress), GNH (Gross National Happiness).
Note 
Flashcards (37)