| A | B |
|---|
| material living standards | term that describes our ability to buy goods and services |
| non material living standards | a term that relates to 'quality of life' |
| factors that influence quality of life | access to education, health care, fresh water, fresh air, low crime rates |
| disposable income | a term that describes the amount of money you have to spend |
| interest rates | an increase in this will mean that household mortgage repayments will increase |
| inflation | a term that describes a general increase in prices over time |
| 7.8% | level of inflation at the end of 2022 |
| 6% | level of inflation for october 2023 |
| gross domestic product | what the letters GDP stand for |
| nominal | name of gdp that does not take inflation into consideration |
| real | name of gdp that removes inflation when calculating gdp figures |
| per capita | name given to the level of gdp per head of population |
| america | country that has the highest gdp figures globally |
| india | country that has a low gdp per capita despite having large gdp figures |
| literacy, training of workforce, employment levels and government spending | factors that influence the level of gdp |
