Unit 31 Flashcards
What is green GDP?
A measure of GDP which takes into account the environmental costs of production such as pollution and resource depletion.
Define GDP.
Gross domestic product is a measure of the output or value added of an economy which does include output or income from investments abroad or an allowance for the depreciation nations capital stock.
Define gross national income.
Gross national income or GNI is the value of the goods and services produced by country over a period of time plus net overseas interest payments and dividends.
What is a hidden, black or informal economy?
A hidden economy is economic activity where trade and exchange takes place but which goes unreported to the tax authorities and those collecting national income statistics.
What is net national income?
Net national income is a measure of national income which includes both net income from investments abroad and an allowance for the depreciation of the nations capital stock.
Define per capita.
Per capita means put individual in a population.
Define purchasing power parities.
A purchasing power parity is an exchange rate of one currency for another which compares how much a typical basket of goods in one country costs compare to that of another country
Define standard of living.
Standard of living is a measure of how well off an individual as this is measured by complex mix of variables such as income, Health, the environment, participation in society and political freedoms.
What are transfer payments?
Transfer payments referred to income for which there is no corresponding output, such as unemployment benefits or pension payments.
What is the value and volume of national income?
The value of national income is its monetary value at the prices of the day; the volume is national income adjusted for inflation and is expressed either as an index number or in money terms of the prices in the selected base year.
