Gdp vs Gnh
Economy is very important for every country. Why is it? It is basically because the World we live in is made up of individual countries which are occupied by the human beings. As the basic needs of the human being are food, clothing and shelter, people are in need of income to finance the purchases of these needs. In order to receive an income, there must be a job which you are getting paid to get it done. Therefore, if the economy of a country is not good, there will not be jobs to offer to the public. Then the people of the country will not be able to fulfil their needs. But how can we know if a country’s economy is good? The answer is to invent something to measure the economy. Economists tried out many different methods time over time. Simon Kuznets introduced the calculation of National Income in 1934.
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is the market value of all goods and services produced within a country in a given period. GDP can often be looked at as the total value added of every business in an economy. GDP is also an indicator of the living standard of a country. Usually, GDP is basically comparing a country’s economy yearly. For example, if a country’s year-to-year GDP is up 5%, this could mean that the country’s economy has grown by 5% over the previous year.
GDP was first developed by Simon Smith Kuznets for a US Congress report in 1934. Simon Kuznets was a Russian American economist and worked at the Wharton School of the University of Pennsylvania.
GDP is a very extensive economic data and it is usually watched carefully. It is used in the United States of America by the White House and Congress to prepare the Federal budget and used by Wall Street to indicate the economic activities. The business community also use GDP when preparing forecasts of economic performance that provide the basis for production, investment, and employment planning.
Real GDP vs. Nominal GDP
GDP is calculated by using the market value of final
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is the market value of all goods and services produced within a country in a given period. GDP can often be looked at as the total value added of every business in an economy. GDP is also an indicator of the living standard of a country. Usually, GDP is basically comparing a country’s economy yearly. For example, if a country’s year-to-year GDP is up 5%, this could mean that the country’s economy has grown by 5% over the previous year.
GDP was first developed by Simon Smith Kuznets for a US Congress report in 1934. Simon Kuznets was a Russian American economist and worked at the Wharton School of the University of Pennsylvania.
GDP is a very extensive economic data and it is usually watched carefully. It is used in the United States of America by the White House and Congress to prepare the Federal budget and used by Wall Street to indicate the economic activities. The business community also use GDP when preparing forecasts of economic performance that provide the basis for production, investment, and employment planning.
Real GDP vs. Nominal GDP
GDP is calculated by using the market value of final