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OJA 3 - Economy, GDP, Economic Growth Flashcards

(4 cards)

1
Q

What are the key goals of modern developed countries?

A
  1. Ensure economic efficiency
  2. Keep economy growing over time
  3. Limit unemployment / ensure optimal employment
  4. Freer trade
  5. Keep prices stable
  6. Optimal income distribution
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2
Q

What are key macroeconomic indicators in Czechia?

A

GDP, prices, labour market, public finance, foreugn investments, currency exchange, interest rates

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3
Q

What is a GDP?

A
  • It means a gross domestic products, also kniwn as economic output
  • It is the value of all final goods/services produced within a country’s borders in a specific period of time (a year)
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4
Q

Why is GDP important?

A
  • Because it tracks the health of the country’s economy,
  • It is an indicator of growing / declining economy = economists can use it to determine whether an economy is growing or experiencing recessing
  • also used by investors to make invesments (e.g. The economy is bad, that means lower earnings and stock prices)
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