Economics HL
4
Chapters
117
Notes
Unit 1 - Intro To Econ & Core Concepts
Unit 2 - Microeconomics
Unit 3 - Macroeconomics
Unlocking National Income Stats: What They Reveal About Economies
GNI vs. GDP: Which Better Measures Economic Well-Being?
Understanding Aggregate Demand Beyond GDP
Understanding Aggregate Supply Monetarist Vs. Keynesian Views
Understanding Equilibrium Monetarist Vs Keynesian Models Explained
Understanding Macroeconomic Equilibrium: A Deep Dive
Economic Growth Blessing or Curse for Living Standards
Understanding Unemployment Myths, Measurements, and Meaning
Deflation Demystified: Why Lower Prices Aren't Always Better!
Understanding Inflation Insights & Implications For Economies
Understanding Equality Vs. Equity In Income Distribution
Understanding Economic Inequality Income vs. Wealth
Unveiling Income Inequality The Power of Lorenz Curve & Gini Coefficient
Understanding 2018's Lorenz Curve Income Quintile Insights
Understanding Poverty Absolute Vs. Relative Explained
Understanding Poverty Beyond Just Income Measures
Understanding Globalization, Technology, and Income Inequality Impact
Understanding Taxes From Direct To VAT Explained!
Understanding Tax Rates ATR vs MTR Explained
Unlocking Equity: How Taxation Curbs Income Inequalities
Strategies To Combat Poverty Beyond Traditional Taxation
Unraveling Money From Basics To Banking & Policy Mechanics
Understanding The Demand For Money: A Deep Dive
Central Bank's Tools Steering Money Supply & Interest Rates
Impact of Contractionary Monetary Policy on Aggregate Demand
Monetary Policy Key Strengths and Limitations Explained
Mastering Fiscal Policy How Government Spending Influences Economy
Unlocking The Power Of The Keynesian Multiplier
Unveiling Fiscal Policy: Key Advantages & Notable Disadvantages
Unlocking Economic Growth: The Power of Supply-Side Policies
Boosting Growth: The Power of Supply-Side Policies
Unveiling Supply-Side Policies: Market-Based Vs. Interventionist Insights
Unlocking Macroeconomic Objectives: Tools & Tactics for Policymakers
Mastering Price Stability: Fiscal vs. Monetary Policies
Effective Policies To Counter Different Types Of Unemployment
Macroeconomic Dilemma: Unemployment Vs. Inflation
Unit 4 - The Global Economy
Economics HL
Unit 3 - Macroeconomics
GNI vs. GDP: Which Better Measures Economic Well-Being?
658 words
4 mins read
Last edited on 5th Nov 2024
Table of content
Measuring economic well-being- GDP vs. GNI
- GDP (Gross Domestic Product): Focuses on output produced inside the country.
- GNI (Gross National Income): Considers incomes earned by nationals of a country.
Example:Think of GDP as a big cake baked within a country. If it's baked there, it counts for GDP, regardless of who eats it! GNI, on the other hand, cares about who owns the recipe, so even if a cake is baked abroad, if the recipe is owned by someone in your country, it counts for GNI!
Adjustments and comparisons
- Use real figures to adjust for changing prices over time (not nominal).
- Divide by population for per capita income (It’s like slicing the cake evenly for everyone).
Pros and cons of per capita income
Pros
- More output = more access = better, right?
Cons
- Income Distribution: USA vs. Denmark - Same per capita, different inequality!
- Environmental Cost: India’s rising income vs. pollution (21 of 30 most polluted cities!).
- Leisure: 60 hours or 35 hours work weeks? Leisure matters!
- Wealth: A house or car contributes to well-being.
- Public Services: Health care and education quality.
- Disasters & Composition of Output: Gulf oil spill counts positively? Defense spending vs. development?
Unlock the Full Content! 
Dive deeper and gain exclusive access to premium files of Economics HL. Subscribe now and get closer to that 45 🌟
Economics HL
Unit 3 - Macroeconomics
GNI vs. GDP: Which Better Measures Economic Well-Being?
658 words
4 mins read
Last edited on 5th Nov 2024
Table of content
Measuring economic well-being- GDP vs. GNI
- GDP (Gross Domestic Product): Focuses on output produced inside the country.
- GNI (Gross National Income): Considers incomes earned by nationals of a country.
Example:Think of GDP as a big cake baked within a country. If it's baked there, it counts for GDP, regardless of who eats it! GNI, on the other hand, cares about who owns the recipe, so even if a cake is baked abroad, if the recipe is owned by someone in your country, it counts for GNI!
Adjustments and comparisons
- Use real figures to adjust for changing prices over time (not nominal).
- Divide by population for per capita income (It’s like slicing the cake evenly for everyone).
Pros and cons of per capita income
Pros
- More output = more access = better, right?
Cons
- Income Distribution: USA vs. Denmark - Same per capita, different inequality!
- Environmental Cost: India’s rising income vs. pollution (21 of 30 most polluted cities!).
- Leisure: 60 hours or 35 hours work weeks? Leisure matters!
- Wealth: A house or car contributes to well-being.
- Public Services: Health care and education quality.
- Disasters & Composition of Output: Gulf oil spill counts positively? Defense spending vs. development?
Unlock the Full Content!
Dive deeper and gain exclusive access to premium files of Economics HL. Subscribe now and get closer to that 45 🌟
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