Growing Economies - Indicators of growth - 4.1.1
GDP (Gross Domestic Product) - The total value of output (goods and services) produced in the UK in a particular time period, used to measure change in economic activity. NATIONAL INCOME / POPULATION To assess the economies development of growing economies the following indicators can be used; GDP (represented in US dollars ($), which allows for direct campariosn between countires) Literacy Health Human Development Index (HDI) GROSS DOMESTIC PRODUCT The main measure used is GDP and is calculated by - NATIONAL INCOME / POPULATION Gross domestic product is the economic activity of a country and shows its up and downs if measured over time, known as the business cycle. This is the most commonly used method to measure a country's living standards. As GDP per capita rises, it is also assumed that living standards in that country also rise. LITERACY This refers to the percentage of adults who can read and write. Investment in human capi...