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Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living.
Per capita income (PCI) or total income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population.
In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualised percentage change in a general price index.
Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual. Standard of living is relevant because it is considered to contribute to an individual's quality of life. Standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political and environmental matters – such things that an individual might consider when evaluating where to live in the world, or when assessing the success of economic policy.
Purchasing power parity (PPP) is the measurement of prices in different countries that uses the prices of specific goods to compare the absolute purchasing power of the countries' currencies. In many cases PPP produces an inflation rate equal to the price of the basket of goods at one location divided by the price of the basket of goods at a different location. The PPP inflation and exchange rate may differ from the market exchange rate because of poverty, tariffs, and other transaction costs.
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
The poverty threshold, poverty limit, poverty line or breadline is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by finding the total cost of all the essential resources that an average human adult consumes in one year. The largest of these expenses is typically the rent required for accommodation, so historically, economists have paid particular attention to the real estate market and housing prices as a strong poverty line affect. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries.
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time.
Cost of living is the cost of maintaining a certain standard of living. Changes in the cost of living over time are often operationalized in a cost-of-living index. Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas. Differences in cost of living between locations can also be measured in terms of purchasing power parity rates.
Genuine progress indicator (GPI) is a metric that has been suggested to replace, or supplement, gross domestic product (GDP). The GPI is designed to take fuller account of the well-being of a nation, only a part of which pertains to the size of the nation's economy, by incorporating environmental and social factors which are not measured by GDP. For instance, some models of GPI decrease in value when the poverty rate increases. The GPI separates the concept of societal progress from economic growth.
In Statistics, Economics and Finance, an index is a statistical measure of change in a representative group of individual data points. These data may be derived from any number of sources, including company performance, prices, productivity, and employment. Economic indices track economic health from different perspectives.
The world's most livable cities is an informal name given to any list of cities as they rank on an annual survey of living conditions. In addition to providing clean water, clean air, adequate food and shelter, a ‘livable’ city must also generate a sense of community and offer hospitable settings for all, especially young people, to develop social skills, a sense of autonomy and identity.
Michael Jay Boskin is the T. M. Friedman Professor of Economics and senior Fellow at Stanford University's Hoover Institution. He also is chief executive officer and president of Boskin & Co., an economic consulting company.
India is a developing nation. Although its economy is growing, poverty is still a major challenge. However, poverty is on the decline in India. It has around 84 million people living in extreme poverty which makes up ~6% of its total population as of May 2021. However, the COVID-19 pandemic is expected to drive an additional people into extreme poverty, Depending on the severity of the economic contraction. Poverty, defined as living on less than $1.90 a day, affected between 9.1% and 9.4% of the world's population in 2020, according to the biennial Poverty and Shared Prosperity Report. This would represent a regression to the rate of 9.2% in 2017. Had the pandemic not disrupted the global economy, this rate was expected to drop to 7.9% in 2020. In May 2012, the World Bank reviewed and proposed revisions to their poverty calculation methodology and purchasing power parity basis for measuring poverty worldwide. It was a minimal 3.6% in terms of percentage. As of 2020, the incidence of multidimensional poverty has significantly reduced from 54.7% in 2005 to 27.9% in 2015–2016. According to United Nations Development Programme administrator Achim Steiner, India lifted 271 million people out of extreme poverty in a 10-year time period from 2005–2006 to 2015–2016. A 2020 study from the World Economic Forum found "Some 220 million Indians sustained on an expenditure level of less than Rs 32 / day—the poverty line for rural India—by the last headcount of the poor in India in 2013."
The United States Consumer Price Index (CPI) is a set of consumer price indices calculated by the U.S. Bureau of Labor Statistics (BLS). To be precise, the BLS routinely computes many different CPIs that are used for different purposes. Each is a time series measure of the price of consumer goods and services. The BLS publishes the CPI monthly.
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health. It typically treats subjective happiness-related measures, as well as more objective quality of life indices, rather than wealth, income or profit, as something to be maximized.
Cost of living is an economic concept.
Walkability is a measure of how friendly an area is for walking. Walkability has health, environmental, and economic benefits. Factors influencing walkability include the presence or absence and quality of footpaths, sidewalks or other pedestrian rights-of-way, traffic and road conditions, land use patterns, building accessibility, and safety, among others. Walkability is an important concept in sustainable urban design. Project Drawdown describes making cities walkable as an important solution in the toolkit for adapting cities to climate change: it reduces carbon emissions, and improves quality of life.
Indices of multiple deprivation (IMD) are widely-used datasets within the UK to classify the relative deprivation of small areas. Multiple components of deprivation are weighted with different strengths and compiled into a single score of deprivation.
The following outline is provided as an overview of and topical guide to economics:
References
- ↑ Koo, Jahyeong; Phillips, Keith R.; Sigalla, Fiona D. (January 2000). "Measuring Regional Cost of Living". Journal of Business & Economic Statistics.
- ↑ Zumalt, Joseph R.; Smith, Rebecca A.; Song, Yoo-Seong (December 22, 2003). "Cost-of-living calculators on the Web: an empirical snapshot". Reference & User Services Quarterly.
