POL S235 Chapter Notes - Chapter 4: Market Economy, Gross National Income, Purchasing Power Parity
23 Feb 2017
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Document Summary
Gross domestic product: total value of goods and services produced in a given territory, per capital gdp is divided by the population. Gross national income: measure of the toal income of a territories citizens, living at home and abroad. Purchasing power parity: a adjustment made to income measurements to reflect the actual cost of living in a given territory. Inequality: the differential distribution of access to goods like power, status and material resources. Gini coefficiente: used to measure the income inequality in a given population usually expressed as a number between 0 and 1, with 0 being equal and 1 being max inequality. Employment: ongoing, regular access to paid work. Unemployment: lack of regular access to paid work. Underemployment: when workers are employed below their skill level. Hyper inflation: leads to eroded currency; exceeding high inflation. Deflation: decline in the prices of goods and services, often associated with depressions.
