Flashcards: Measuring National Wealth and Economic Activity — 16 cards

Economic system — definition?

Structure that defines how an economy operates.

Economic activity — role?

Measures production, income, consumption, investment, wealth.

Wealth origin — key question?

How a nation’s wealth is created and increased.

Quesnay's Tableau — significance?

First systematic model of wealth circulation in a nation.

Classical school — main focus?

Labor theory of value and production.

Neoclassical school — difference?

Value based on utility and market efficiency.

Post-WWII national accounts — reason?

Standardized data for economic management and planning.

GDP — central indicator?

Measures total value of goods and services produced.

Eurostat — role?

Coordinates and harmonizes EU economic statistics.

ESA — purpose?

Standardizes national accounts across European countries.

Production approach — measures?

Value added by goods and services created.

Income approach — measures?

Income flows from production, like wages and profits.

Resident units — definition?

Economic units with main interest in the country.

Wealth measurement — emerging concepts?

Green GDP and ecological footprint.

Historical views — focus?

Origins of wealth and unified measurement challenges.

Physiocratic model — key feature?

Agriculture produces net surplus; others transform wealth.