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Transcript of UK
A statistic used for judging the health of an economy, such as GDP per head, the rate of UNEMPLOYMENT or the rate of INFLATION. Such statistics are often subject to huge revisions in the months and years after they are first published, thus causing difficulties and embarrassment for the economic policymakers who rely on them.
Standard of Living
The degree of wealth and material comfort available to a person or community.
A rise in the value of an asset and the opposite of depreciation. When the value of a currency rises relative to another, it appreciates.
A theory of how people form their views about the future that assumes they do so using past trends and the errors in their own earlier predictions. Contrast with rational expectations.
Economics is the social science that analyzes the production, distribution, and consumption of goods and services.
An economy that allows the unrestricted flow of people, CAPITAL, goods and SERVICES across its borders; the opposite of a CLOSED ECONOMY.
GDP as an Indicator of Standard of Living
Gross domestic product refers to the market value of all final goods and services produced within a country during a given period.
GDP is often used as an indicator for standard of living, benefits of country's increased economic production.
GDP is not a measurement of the standard of living in an economy; however, it is often used as such an indicator on the rationale that all citizens benefit from their country's increased economic production.
Standard of living
At the beginning of the 20th century the population of the world was 1.7 billion. At the end of that century, it had soared to 6 billion. Recent estimates suggest that it will be nearly 8 billion by 2025 and 9.3 billion by 2050. Almost all of this increase is forecast to occur in the developing regions of Africa, Asia and Latin America. For what economists have had to say about this, see DEMOGRAPHICS.
ECONOMICS that describes the world as it is, rather than trying to change it. The opposite of NORMATIVE ECONOMICS, which suggests policies for increasing economic WELFARE.
Another name for the UNEMPLOYMENT TRAP.
PURCHASING POWER PARITY.
A firm’s PROFIT expressed as a percentage of its turnover or sales.
The number of years that an individual is expected to live as determined by statistics.
Things that have earning power or some other value to their owner.
1. The condition or quality of being literate, especially the ability to read and write.
Terms of Economics