Economic Indicators
What does GDP stand for?
Gross Domestic Product
What are living standards?
The general quality of life people have in a country - income, health and education.
Peak, contraction, trough and recovery
Which is better for measuring inequality? GINI or GDP?
GINI
What has to be broken before you can use it?
An egg
Name two indicators that can help measure the economy's health
GDP, Unemployment, Inflation, Retail sales, Dwelling approvals.
True or False: Living standards are only measured by how much people earn.
False - it also includes wellbeing, health, education and freedom, etc.
What happens to unemployment during the recovery stage of the trade cycle?
It decreases.
What are two limitations of using money (like GDP) as a way to measure living standards?
Production and not consumption.
What is the hardest natural substance on earth?
Diamond
What is the difference between Qualitative and Quantitative data?
Qual = Qualities like satisfaction
Quant = Quantity like numbers
Name 3 wats governments can try to improve living standards?
Build hospitals, improve education (more schools & trained teachers), create jobs)
What is a peak in the trade cycle? how can we tell?
High point of economic activity: high GDP, Low unemployment, high retail sales, etc.
What does the line of perfect equality and inequality look like?
Draw
Which Country has the most time zones?
France
What do indicators look like during a trough?
Sad :(
What is the difference between material and non-material living standards?
Material = income, goods & services
Non-material = happiness, safety & freedom
At which stage of the cycle could a country with 1.3% dwelling approvals be?
Recovery
A country has a high HDI but a high GINI coefficient. What does this mean?
The country does well on average, but there’s large income inequality
What comes once in a minute, twice in a moment, but never in a thousand years?
M