a) GDP

a) rates of change of real Gross Domestic Product (GDP) as a measure of economic growth

b) distinction between real and nominal; total and per capital, value and volume

f) the limitations of using GDP to compare living standards between countries over time

economic growth = measured in GDP

GDP = value income earned through the production of goods and services within a nation in one year

• nominal GDP = value of GDP not adjusted for inflation

• real GDP = value of GDP adjusted for inflation

• per capita GDP = average GDP per person

value of GDP = monetary worth of GDP

volume of GDP = physical quantity of GDP

the measure of GDP excludes

• income inequality

• product quality

• voluntary work

• hours worked