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Summary Course Notes for A-level economics Theme 2
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Course Notes for A-level economics Theme 2
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, What is economic growth ? 12 01 23. .
key Terms :
↳ GDP
↳ GDP capita
per
Economy the state
of a country/region in terms of
-
the production and consumption of
goods
and services measured by GDP -
Economic
growth is an increase in the value of goods
and services produced by an economy over time.
GDP is the standard measure of output , is the value of
all
goods and services produced in a
country
GDP per capita the value total EDP divided
of by the
-
population of the
country
.
Real EDP-value
of GDP adjusted for inflation .
Nominal EDP-value of EDP without being adjusted for
inflation .
Continuation 13 01 23
. .
key words :
L EDP
↳ Nominal
↳ Real
LD PPP
↳ National Happiness
GDP and services
value shows what certain goods are
worth
.
Volume GDP shows the number of goods and services that
are .
produced
, Drawbacks of GDP :
some countries are ineffective at calculating or
collecting
-
data .
-
'Hidden' or 'black market' productivity is not accounted for
-
errors in calculating inflation will affect Real ESP
-
An increase in EDP
may be due to an increase in income
of one
group of people , so EDP doesn't account for inequality .
Gross National Income : is GDP plus income paid into the
country by other countries for things such as dividends and
interest
Purchasing power parity (PPP) an
exchange rate of one
-
currency for another which comparesnow much a typical
of goods in the country costs compared to another country
.
what is economic 2?
growth
key words :
L*
GDP
LGND
↳ Black market .
Gross National products is the value of all goods and services
produced by British nationals/businesses. (where GDP counts
all businesses) .
Advantages of GDP :
-
measured frequently and widely
.
, What is economic 3? 16 01 23
growth . .
key term :
LDBP
rate
↳
Exchange .
7 main factors that affect happiness in our adult life
are :
·
Family relationships
·
Financial situation
Work
·
Community and friends
·
.
·
Health
·
Political Freedom
Religion and values
·
Two to measure GDP :
ways
·
GDD at exchange rate (all currencies shown in $ for example)
GDP at
·
PPP-purchasing power parity (more realistic compar
ison of EDP).
> PPP is measured by finding the value (in $) of a basket
of goods in each country
.
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