Real GDP and Per Capita Real Output Are Two Indicators

question 211

Essay

Real GDP and per capita real output are two indicators used by the government to measure economic growth.Define them,and explain why growth of per capita real output is a more accurate measurement of the growth in the economic welfare of individuals.

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Definitions:

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values from the mean of the dataset.

Weighted Average Return

A return measure that considers the proportional relevance of each component return in the calculation.

Budget Line

A visual depiction of every possible pair of two products that can be bought given specific income levels and product prices.

Stock Market

A marketplace where stocks, bonds, and other securities are bought and sold.