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Economic Indicators

Terms in this set (23)

Indicator
Indicators are used to determine how quickly a process is happening or how close a process is to completion.
Quantitative indicators
Measures development with things that can be counted GNP, GDP and Uses statistics to measure aspects of a country.
Economic indicators
Percentage of labour force in agriculture, energy consumption per capita, Gross Domestic Product (GDP), Gross National Income (GNI), and Gross National Product (GNP).
Gross Domestic Product (GDP)
It is a broad measure of an economy's performance, quantifying the total value of goods and services produced in the country.
GDP per capita
If you divide the GDP number by the population of the country.
Gross National Income (GNI)
The total value of goods and services produced by a country per year.
Gross National Product (GNP)
The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.
Social indicators
Measurements of quality of life, such as health, education, housing and employment. (Literacy rates and population per doctor.)
Demographic indicators
Average life expectancy, infant mortality rates, and the percentage of the population undernourished.
Distribution of the wealth
Indicators do not include information about it
The measure of the monetary statistics
Almost always reported in US dollars, which makes international comparisons are affected by changing currency exchange rates.
Monetary statistics do not give
Indicator of happiness, satisfaction, or welfare.
Purchasing Power Parity (PPP)
The number of units of a countries currency needed to buy the same amount of goods and services. It provides measures of what people can actually afford.
Qualitative indicators
Qualitative indicators are non-numerical factors for determining level of progress towards a specific goal.
Qualitative data
Based on opinions, feelings or viewpoints rather than hard facts or numbers.
The term 'qualitative indicators'
Made up of two very important research concepts
Composite Indicators
Combine several other measures of development into a single figure. (A Composite Indicators aim is to present a measure which focuses on quality of life.)
3 indicators of Composite Indicators
Literacy, life expectancy, and infant mortality
Physical Quality of Life Index (PQLI)
An attempt to measure the quality of life or well-being of a country. Obtaining the average of three indicators of quality of life that were thought to be important.
Human Development Index (HDI)
Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy
Gender Empowerment Measure (GEM)
Compares the ability of women and men to participate in economic and political decision making.
Gender Related Development (GRD)
Compares the level of development of women with that of both sexes.
Human Poverty Index (HPI)
A measure of poverty based on measures of deprivation of a long, healthy life; deprivation of knowledge; and deprivation in decent living standards
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