Experiments with economics chapter 2 what is GDP ?
Written on March 13, 2008 – 7:54 pm | by Sanil S
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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.
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Here is my first economics lesson.
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