POL 202 Chapter Notes - Chapter 4: Gross Domestic Product, Gross National Income, Fiscal Conservatism
7 Dec 2016
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Document Summary
Political economy--the interaction or interrelationship between politics & the economy in a given country or internationally, to include how politics affects economies & how economies affect politics. Look at a number of factors to characterize a country"s economy. Gross domestic product (gdp)--the total value of goods & services produced in a given country or territory. Per capita gdp--gdp divided by the population. Gross national income (gni)--a measure of the total income of all of a country"s citizens, whether living in their home country or abroad. Gdp growth good way to measure how country is growing/improving. Purchasing power parity (ppp)--an adjustment made to income measures to account for differences in cost of living; such as the cost of a dollar being greater in low-income countries resulting in an increased gdp. Inequality--in the social sciences, the differential distribution of access to goods like power, status,
