The Retail price Index (RPI)
Causes of Inflation
Effects of Inflation
Measured as the % of the labour force who are willing & able to work and looking for a job.
Methods for measuring unemployment vary & generally the official rate is lower than the actual number of people looking for work.
Types of Unemployment
Effects of Unemployment
Gross Domestic Product (GDP)
Definition: The total value of the goods and services produced in an economy over a given time period.
This is the standard measurement but there are several variations that are used to provide a clearer picture of what is happening in the economy.
Measuring Quality of Life
Human Development Index (HDI)
This is an index that takes into account 3 factors (each is an index itself):
It generates a score between 0 and 1. The closer to 1 the higher the quality of life.
It is considered a better measure of overall development then GNI or GDP because it takes into account social factors aswell as purely economic ones.