Please enable JavaScript.
Coggle requires JavaScript to display documents.
econ 2.1.1 - Coggle Diagram
econ 2.1.1
-
-
-
-
-
-
-
purchasing power parity is the idea that items should cost the same in different countries, based on the exchange rate
PPP measures how many units of one country's currency are needed to buy the same basket of goods/services as can be bought with a given amount of another currency (big mac index)
-
-
-
disposible income - the amount of money households have available for saving and spending after direct taxes and national insurance have been accounted for
economic wellbeing - the overall quality of life and material prosperity enjoyed by households and individuals
-
-
The Easterlin Paradox concerns whether we are happier and more contented as our real living standards improve