IB 150 Lecture Notes - Lecture 7: Mixed Economy, Legal Risk, Totalitarianism
31 May 2017
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Document Summary
Measures total value of goods and services produced annually by nationals. Doesn"t consider the differences in cost living (price of things, makes it more accurate) Uses us cost of living for basis of adjustment among countries. Price of coca cola can here in the us and in china is different, but compared to the cost of living. A monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly). Nominal gdp estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Broader conception of development human development index (hdi) a composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development. Development should be measured less by material output measures, such as gnp, per capita and more by the capabilities and opportunities that people enjoy.
