Measuring economic Performance Flashcards
(8 cards)
1
Q
There are four main macroeconomic indicators
A
Rate of economic growth
Level of unemployment
Rate of inflation
State of balance of payments
2
Q
What is GDP
A
It is a measure of economic growth. Gross domestic product.
National output measured in value.
3
Q
There are different ways of measuring economic growth.
A
Change in national output over period of time.
4
Q
National output
A
All goods and services produced by country
5
Q
Economic growth
A
Is usually measured as a percentage
6
Q
GDP per capita
A
Can indicate the standard of living in a country
7
Q
Purchasing power parity is used
A
In comparisons of living standards
8
Q
Using GDP to make comparisons
A
Has limitations
