Summary
Summary Course Notes for A-level economics Theme 2
- Course
- Institution
Course Notes for A-level economics Theme 2
[Show more]
Seller
Follow
mannansrivastava
Content preview
, 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
.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mannansrivastava. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.44. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now