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1 Ιαν 2009 · According to OECD (2009) and Leamer (2009), GDP is the sole most important economic indicator; and a standard measure of market and monetary value of final goods and services manufactured...
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According to OECD (2009) and Leamer (2009), GDP is the sole...
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GDP measures the monetary value of final goods and services— that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all the output generated within the borders of a country.
De ne GDP and explain why the value of production, income and expenditure are the same for an economy. Describe how economic statisticians measure GDP and distinguish between nominal and real GDP. Describe the uses of real GDP and explain its limitations as a measure of the standard of living.
GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Nominal GDP measures output using current prices, while real GDP measures output using constant prices. We can explore how price changes can distort GDP using a visual representation of GDP.
the nominal value of some economic variable (e.g. GDP) is the price level times the real value of that economic variable. real value: an economic statistic measured using prices that existed in an earlier year (or period); real values have been adjusted for inflation since that earlier year; contrast with nominal value
• How to calculate gross domestic product (GDP). • Why each component of GDP is important. • What different approaches are used to calculate GDP. • What the difference is between real and nominal GDP. • How to calculate the GDP deflator, GDP per capita, and the real GDP annual growth rate. • What limitations of GDP exist.
