Economics - Economics and well-being (CHAPTER 0)
What is the definition of economics?
The study of how individuals and societies allocate their resources among competing uses to satisfy their needs and enhance their well-being.
What is a time-series graph?
A graph showing the evolution of one variable over time of one or more countries.
What is a bar graph with cross-sectional data?
The observation of one variable at a given time for various countries.
What is the definition of GDP?
The market value of all final goods and services produced within a country’s borders in a specific period.
What is the GDP per capita?
An economic metric that measures a country's economic output (GDP) per person.
If the GDP increases, does it mean economic growth?
Yes
What is the definition of inflation?
A general rise in the prices of goods and services across the economy over time, eroding purchasing power.