Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economic growth - Coggle Diagram
Economic growth
Money= happiness to a certain extent
Reduced stress
Increased opportunity
Covers basic needs more easily
Helps protect people against certain problems
Real gdp-
gdp which strips the rate of inflation out.
Nominal gdp
GDP that doesn’t strip out the rate of inflation
Total gdp-
the overall gdp for the country
GDP per capita-
total gdp divided by the population
Volume of output
the number of final goods and services that are produced by an economy
Value of output-
is the amount of goods and services X price they are sold at.
GNI-
measures income received by a country domestically and overseas
GDP-
the number of goods and services produced by an economy
PPP’s-
the buying power of an economy in a certain period of time which takes the exchange rate into account.
Purpose of PPP’s-.
for comparisons to different economy’s about the standard of living
Measuring wellbeing-
The ONS measures well-being in thre uk since 2011.
Economic growth is the rate of output and an increase in the long term productive potential.