The Process of Economic Development notes

James M. Cypher, James L. Dietz

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Author(s)

James M. Cypher, James L. Dietz

ISBN

9780415254168

Publisher

Psychology Press

Language

Summary

IGCSE Economics Section Unit 5 Revision Notes 2023

IGCSE Economics

IGCSE Economics Section Unit 5 Revision Notes 2023. Living standards or standards of living refer to all the factors that contribute to a person’s well-being and happiness Measuring Living Standards  GDP per head/capita: this measures the average income per person in an economy. Real GDP per capita = Real GDP / Population Merits of using GDP per capita to measure living standards:  GDP is a useful measure of the total production taking place in the country, and so indicates the m...

12 pages

Written in 2022/2023

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