Experiments with economics chapter 2 what is GDP ?
My thoughts |
Post Page Rank |
I am really interested in studying economics now a days. I started studying economics some times back. In my first chapter what is economics i mentioned the word GDP, gross domestic product as i told that i will explain later. Simply speaking we can measure the size of an economy by using GDP. Its the total value of goods and service produced in a given country.
GDP = total consumption + gross investment + government spending + (export - import), simple formula this is the market value of particular country.
Now you are getting some doubt, did this stuff important to you? My answer is yes if you are a citizen. Since it is the yardstick for countries growth. If the GDP value is higher then the country is producing consuming more etc. That means the country will create more jobs more profit in business etc. Happy to be an indian, six months back india marked as trillion dollar economy.
|
|
|
|
 |
Related posts
Thursday, March 13th, 2008 at 7:54 pm and is filed under My thoughts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Here is my first economics lesson.
[…] I am really impressed with the terms and terminologies they had discussed there. In my last chapter what is GDP i mentioned that india is now a trillion dollar economy. I was very much interested in seminar […]