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GDP Flashcards

(11 cards)

1
Q

Definition

A

The total value of goods and services produced in an economy in a given time period.

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2
Q

Expenditure

A

Changes in the value of stocks
C + G +I + X - M

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3
Q

Factor incomes

A

Wages and salaries
Profits of private and public sector businesses
Rental income from ownership of land

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4
Q

Value of output

A

Value added from each of the main sectors:
- Primary (e.g. farming, forestry, mining)
- Secondary (construction and manufacturing)
Tertiary (e.g. tourism and healthcare)
Quaternary (e.g. business consultancy)

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5
Q

Value GDP

A

Measures the monetary value of goods and services

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6
Q

Volume GDP

A

Measures the physical quantity of goods and services

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7
Q

Nominal GDP

A

Not inflation adjusted. Expressed as current prices.

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8
Q

Real GDP

A

Adjusted for the effects of price inflation. Expressed as constant prices.

Real value in current year = nominal value in current year/price index in current year x 100

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9
Q

GDP per capita

A

Measures the average economic output per person in a country.

Per capita GDP = Total GDP/Population

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10
Q

Advantages of per capital GDP

A
  1. Helps to understand the average standard of living in a certain nation
  2. Used to compare the economic performance of different countries while considering population sizes
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11
Q

Disadvantages of per capita GDP

A
  1. Ignores inequality
  2. Looks at gross income rather than Yd
    Median disposable income may be better for measuring living standards
  3. Doesn’t take into account shadow economy or unpaid work (e.g. voluntary work)
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