GDP and Economic Indicators

"Gross Domestic Product and other economic indicators"

GDP and other economic indicators

Q.1) Define:

Gross Domestic product:

Gross domestic product is the value of all the good and services of a particular country which is produced over a year's time. For the value to be accurate it is made sure that all the goods and services included are the ones produced inside the boundaries of the country. The goods and services may be produced by the nationals of that country and by the foreigners in that country, but the production has to be inside the boundaries of the country. The formula to calculate GDP includes five components which are the consumption by households (denoted by C), the government spending done (denoted by G), the investment done in the country (denoted by I), the imports that were done in that year (denoted by M) and the exports...
[ View Full Essay]