Gross Domestic Product (GDP):The total value of all goods and services produced over a specific time period within a country, indicating its economic health.
Purchasing Power Parity (PPP): A method used to calculate the relative value of different currencies, allowing for an accurate comparison of standard of living between countries by measuring how much a common basket of goods costs in each.
Economic Inequality: The unequal distribution of wealth and income among the members of a society, often leading to varying standards of living within the same region or country