Measuring Economic Development (Leaving Cert Geography): Flashcards
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GDP per capita definition
GDP per capita definition
Total value of goods/services produced per person per year
Ireland GDP per capita calculation example
Ireland GDP per capita calculation example
€400bn GDP ÷ 5m population = €80,000 per capita
Purposes of GDP per capita
Purposes of GDP per capita
Measures economic activity & standard of living
Why divide GDP by population?
Why divide GDP by population?
Makes comparisons meaningful for countries of different sizes
GDP per capita & living standards
GDP per capita & living standards
Higher GDP = better access to services & infrastructure
GDP per capita limitation: inequality
GDP per capita limitation: inequality
Average doesn't show variations in income distribution
GDP limitation: spending priorities example
GDP limitation: spending priorities example
Earthquake rebuilding raises GDP but doesn't mean development
GDP limitation: non-monetary contributions
GDP limitation: non-monetary contributions
Excludes unpaid caregiving & informal work
Ireland's high GDP per capita causes
Ireland's high GDP per capita causes
FDI in tech (Google, Facebook) & pharma (Pfizer, J&J)
Ireland GDP challenge with multinationals
Ireland GDP challenge with multinationals
Profits often not reinvested locally, inflating GDP figures
Norway's high GDP per capita cause
Norway's high GDP per capita cause
Oil exports & sustainable economic policies
Why India has low GDP per capita
Why India has low GDP per capita
Large economy but vast population lowers per capita figure
HDI components
HDI components
GDP per capita + education + life expectancy
What GINI Index measures
What GINI Index measures
Income inequality within a country
Small wealthy nations GDP per capita pattern
Small wealthy nations GDP per capita pattern
Higher due to concentrated economic activities (e.g. Luxembourg)