E and g Flashcards
(17 cards)
GDP
Gross domestic product. Measures the total value of goods and services produced over a year. If gdp increases = economy is growing.
Recession
Economic growth decreases for 2 or more quarters.
Depression
Economic growth decreases for 2 or more years.
What rate of GDP is suitable per year?
2-3%
What is wellbeing
The measure of human access to the necessities for happy and healthy lives.
Economic growth
Increase in the amount of goods and services produced per person within a specific period of time.
Economic performance
How well an economy is performing, which can be measured by its economic objectives.
Inflation
Inflation occurs when the general price paid for goods and services increases over a certain period of time
Living standards
The level of wealth, material goods, comfort and life necessities available to people living in a certain area.
Taxation
When an authority body imposes a financial obligation on its city or citizens.
Income
The money an individual or business entity receives in exchange for providing a good, service, or investing capital.
Sustainability
The ongoing capacity of earth to sustain all life.
Socioeconomic
The interaction between social and economic habits of a group of people
Medc
More economically developed country
Ledc
Less economically developed country
CPI
The indicator of either inflation or depression. Stands for consumer product index, and it measures the change in prices of an average basket of goods and services over a certain period of time.
