Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Basic GDP
Description: This is a brief overview on what it meant by GDP, Gross Domestic Product.
Description: This is a brief overview on what it meant by GDP, Gross Domestic Product.
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
Liam Rae
13 October 2014
Gross Domestic Product
What is GDP and Why is it Important?
Within economics there is one calculation that alone is revered as the most important
sum in all of economics, this is Gross Domestic Product or GDP for short
...
So what is GDP? Well GDP, Gross Domestic Product, is the premiere statistic within
economics it is the calculation by which everything else is measured
...
Lets have a look at what the words actually mean
...
These results are published every three months
...
902 trillion as of 2014’s second financial quarter, making the UK
one of the wealthiest countries in the world
...
The most common equation is GDP = C + G + I + NX
• C- Consumption
• I- Investment
• G- Government Spending
• NX- Exports-Imports
GDP
#1
Once a countries GDP has been calculated governments can use this information to determine its citizens standard of living, in order to do this a government must take its total
nominal GDP and divide it by its total population, so for example if the UK’s nominal GDP
is $2
...
Since the end of 2013 the UK’s GDP per capita was
$39,350
...
So there it is, the most important calculation in economics down to its bare bones
...
So while it cannot
take these factors into account it is still the best way of showing weather a country is prosperous or weather it is begging to stagnate
Title: Basic GDP
Description: This is a brief overview on what it meant by GDP, Gross Domestic Product.
Description: This is a brief overview on what it meant by GDP, Gross Domestic Product.