Reference no: EM13893736

For first year students using unfamiliar or finding the right terminology when asked to discuss certain aspects of a field of study can be challenging. Economics is no different from other professions that use certain abbreviations in which to explain segments of their specific field. GDP per capita is one example that economists use to define and indicate the health of the economy. In analyzing the GDP per capita of a country, such as Saudi Arabia, it would be beneficial to understand and use the economic terminology that explains and defines the country's overall economic health and know the differences between indicators. This purpose of this exercise is provide a glossary of economic terminologies so that a first year student can fully express terminology and an expanded presentation of what the GDP per capita involves and what it does not capture when talking about the economic health of a nation. For example, GDP per capita, while it can indicate how the general population is doing economically, it does not define the general well-being of the average person, such as enduring the impact of a negative environment, non-existence of leisure time, or scarcity of resources (Callen, 2012).