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Measures of Economic Performance - Economic Growth

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Hugo Flower

on 6 September 2013

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Transcript of Measures of Economic Performance - Economic Growth

Balance of Payments
Measures of Economic Performance
Economic Growth
What are the problems with using GDP as a measure of standard of living...?
What are the benefits of using GDP as a measure of economic performance?
A measure of the buying power of a nation
Used by many countries so is useful as a method of comparison
A measure of standard of living in a country..?
Measured every quarter by most countries
Does not take into account distribution of income
Does not count volunteer work or self-sufficient farmers
No indication of the black market
No indication of quality of life
No indication of education or healthcare
Difficult to compare as currency values change - Purchasing Power Parity
Spending on future wealthfare may benefit future wealthfare at the expense of current wealthfare
Growth in GDP may be due to a reason such as a growth in the population
Problem of inflation
What is the money being spent on?
Infrastructure or booze and sausage pies...?
Would there be any problems comparing developed countries with LEDCs? If so, why?
Why is GDP important?
What would happen in the economy if GDP fell?
Is more economic growth always a good thing?
Why do we need statistics anyway..?
Gross Domestic Product
= The total value of goods and services produced in an economy during a period of time
Real vs Nominal GDP rates
Total vs Per Capita
What is a recession?
Value of an economic variable taking account of changing prices over time
Value of an economic variable based on current prices
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