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7 Cards in this Set

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Define Economic growth
An increase in real income or GDP (actual growth) and increase in the productive capacity (potential growth) in a country
Define Real GDP
Real GDP is the level of GDP after changes in inflation have been taken into account
What is GDP per capita
Measures of the total output that takes the gross domestic product (GDP) and divides by No. of people in the country. It shows relative performance, therefore it useful for comparing performance
Define Nominal GDP
Measurement of GDP at current rate
What is the different between Value and Volume GDP
GDP of the number of output sold (volume) then GDP of the value of the output (value)
How is GDP measured?
Income, Expenditure (spending) and Goods and services (output)
What is the problem with using Economic growth to measure living standards
Earning more may mean that one works longer hrs more work pressures, higher cost of living and increased pollution from travelling more (social cost)