Enhance Your Learning with Economics - Gross Domestic Product (GDP) Flash Cards for quick understanding
The total value of all final goods and services produced within a country's borders in a specific time period, usually a year.
The GDP measured at current market prices without adjusting for inflation.
The GDP adjusted for inflation, providing a more accurate measure of economic growth.
The GDP divided by the total population of a country, representing the average income per person.
The spending by households on goods and services, including durable goods, non-durable goods, and services.
The spending by businesses on capital goods, such as machinery and equipment, and the construction of new buildings.
The spending by the government on goods and services, including public infrastructure, defense, and public programs.
The value of a country's exports minus the value of its imports, representing the contribution of international trade to GDP.
An increase in the real GDP of a country over time, indicating an expansion of the economy.
The level of material well-being and quality of life experienced by individuals in a country, often measured by GDP per capita.
A sustained increase in the general price level of goods and services in an economy, reducing the purchasing power of money.
The state of being without a job, typically measured as a percentage of the labor force.
Temporary unemployment that occurs when individuals are transitioning between jobs or entering the labor market for the first time.
Unemployment caused by a mismatch between the skills and qualifications of workers and the available job opportunities.
Unemployment that occurs due to fluctuations in the business cycle, with higher unemployment during economic downturns.
The level of unemployment that exists when the economy is at full employment, consisting of frictional and structural unemployment.
A price index that measures the average change in prices of all goods and services included in GDP, used to calculate real GDP.
GDP does not account for non-market activities, underground economy, income distribution, environmental impact, and quality of life factors.
The percentage change in GDP per capita over a specific time period, indicating the rate of economic growth per person.
The relationship between GDP and the balance of trade, where a trade surplus contributes positively to GDP and a trade deficit negatively.
The impact of exchange rate fluctuations on GDP, as changes in currency values affect the value of imports and exports.
The role of GDP in measuring and promoting economic development, including improvements in infrastructure, education, and healthcare.
The relationship between GDP and the phases of the business cycle, with expansions and contractions affecting economic output.
The use of government spending and taxation to influence GDP and stabilize the economy, known as fiscal policy.
The use of interest rates and money supply to control inflation and stimulate economic growth, known as monetary policy.
The use of GDP as a key economic indicator to assess the health and performance of an economy.
The comparison of GDP between countries to analyze economic differences, development levels, and living standards.
The relationship between GDP and the overall well-being of individuals, considering factors beyond economic output.
The consideration of environmental and social factors in GDP measurement to promote sustainable economic growth.
The use of GDP in calculating the HDI, a composite index that measures the overall development of a country.
The impact of GDP on poverty reduction, as economic growth can contribute to higher incomes and improved living conditions.
The relationship between GDP and income distribution, as economic growth does not necessarily lead to equal distribution of wealth.
The influence of GDP on the formulation and evaluation of economic policies, including fiscal, monetary, and trade policies.
The use of GDP data to predict future economic trends and make informed decisions in business and policy-making.
The role of GDP in maintaining stable economic conditions, including low inflation, low unemployment, and sustainable growth.
The ability of an economy to withstand and recover from external shocks and economic crises, often measured by GDP growth rates.
The impact of GDP on regional and global economic integration, as countries engage in trade and cooperation to enhance economic growth.