2.1-Measures of Economic Performance Flashcards
1
Q
What is Economic Growth
A
It is an increase in the long term productive potential of the country (increase in goods produced in economy)
2
Q
How is Economic Growth Measured?
A
Percentage change in real GDP per annum or shifts in PPF
3
Q
GDP per capita
A
total GDP divided by the number of people in a country
4
Q
Gross National Income (GNI)
A
Value of goods and services produced by a country over a period of time plus net overseas interest payments and dividends
5
Q
What is dividends
A
a share of profit and retained earnings that a company pays out to its shareholders and owners
6
Q
What is the Current GDP per capita in the UK?
A
46,510.28 USD (2021)
