GDP (AQA GCSE Statistics): Flashcards
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Practise the cards
10 cards from this deck
What does GDP measure in an economy?
What does GDP measure in an economy?
Total value of goods and services produced in a country.
How is GDP typically reported in the news?
How is GDP typically reported in the news?
As percentage changes from the previous period.
What does a 0.3% GDP growth indicate?
What does a 0.3% GDP growth indicate?
The economy grew by 0.3% compared to the last quarter.
Which sector usually contributes most to UK GDP?
Which sector usually contributes most to UK GDP?
The services sector typically contributes the most.
What does a negative GDP growth indicate?
What does a negative GDP growth indicate?
It shows a contraction in the economy or sector.
How to calculate weighted sector contributions?
How to calculate weighted sector contributions?
Multiply growth by sector size, then sum contributions.
Why is sector size important in GDP analysis?
Why is sector size important in GDP analysis?
Different sectors impact GDP differently based on size.
What is a common trap in GDP sector analysis?
What is a common trap in GDP sector analysis?
Assuming equal impact from sectors with same growth.
What should you check when comparing GDP data?
What should you check when comparing GDP data?
Look for trends, not just individual high figures.
What is the significance of quarterly GDP data?
What is the significance of quarterly GDP data?
It helps track short-term economic fluctuations.