Economic Terms Flashcards- Edexcel Unit 2

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Economic Growth

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An increase in the real GDP of an economy over time.

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Green GDP

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GDP adjusted for environmental costs of production and resource depletion.

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GDP (Gross Domestic Product)

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The total value of all goods and services produced within a country in a given period.

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GNI (Gross National Income)

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GDP plus net income from abroad.

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Hidden/Black/Informal Economy

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Economic activities that are not recorded in official statistics to avoid taxes or regulations.

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Net National Income

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GNI minus depreciation of a nation’s capital goods.

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Public Expenditure

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Government spending on goods, services, and welfare.

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Purchasing Power Parities (PPP)

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An exchange rate that equalizes the purchasing power of different currencies.

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Recession

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Two consecutive quarters of negative economic growth.

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Standard of Living

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The level of economic wellbeing of individuals in a country.