Measures of economic performance

Economic Growth

• An increase in the value of real output

• It's an increase in real output that's caused by an increase in AD

• It's an increase in the productive capacity of an economy

Actual Economic Growth

• An increase in the value of real output

• It's an increase in real output that's caused by an increase in AD

• It's an increase in the productive capacity of an economy

Potential Economic Growth

• An increase in the value of real output

• It's an increase in real output that's caused by an increase in AD

• It's an increase in the productive capacity of an economy

Nominal GDP

• It's simply the money value of all goods + services produced by a country in 1 year

• Its the nominal GDP adjusted with inflation

• It's the amount of goods and services produced in a year

• It's GDP per country's population

Total GDP

• It's simply the money value of all goods + services produced by a country in 1 year

• Its the nominal GDP adjusted with inflation

• It's the amount of goods and services produced in a year

• It's GDP per country's population

GDP per Capita

• It's simply the money value of all goods + services produced by a country in 1 year

• Its the nominal GDP adjusted with inflation

• It's the amount of goods and services produced in a year

• It's GDP per country's population

Volumes measures of GDP

• It measures the number of goods produced

• It measures the total amount of goods produced multiples the price at which they're sold

• It measures income received by a country both domestically and via net incomes from overseas

• The total amounts of goods and services produced in a country in a year

Value measures of GDP

• It measures the number of goods produced

• It measures the total amount of goods produced multiples the price at which they're sold

• It measures income received by a country both domestically and via net incomes from overseas

• It's the total amount of goods and services produced in a country, in a year

GDP

• It measures the number of goods produced

• It measures the total amount of goods produced multiples the price at which they're sold

• It measures income received by a country both domestically and via net incomes from overseas

• It's the total amount of goods and services produced in a country, in a year

GNI

• It measures the number of goods produced

• It measures the total amount of goods produced multiples the price at which they're sold

• It measures income received by a country both domestically and via net incomes from overseas

• It's the total amount of goods and services produced in a country, in a year