"domestic product is a territorial concept whereas National Product is a concept relating to normal citizens" explain
Answers
Answer:
Open main menu
Search
Gross domestic product
Language
Download PDF
Watch
Edit
"GDP" redirects here. For other uses, see GDP (disambiguation).
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period.[2][3] GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market.[4] Total GDP can also be broken down into the contribution of each industry or sector of the economy.[5] The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living.
A map of world economies by size of GDP (nominal) in USD, World Bank, 2014.[1]
GDP definitions are maintained by a number of national and international economic organizations. The Organisation for Economic Co-operation and Development (OECD) defines GDP as "an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)".[6] An IMF publication states that, "GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year)."[7]
GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the "world's most powerful statistical indicator of national development and progress".[8] However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities, such as resource extraction, environmental impact and unpaid domestic work.[9] Critics frequently propose alternative economic models such as doughnut economics which use other measures of success or alternative indicators such as the OECD's Better Life Index as better approaches to measuring the effect of the economy on human development and well being.
History
Determining gross domestic product (GDP)
GDP and GNI
National measurement
Nominal GDP and adjustments to GDP
Cross-border comparison and purchasing power parity
Standard of living and GDP: wealth distribution and externalities
Limitations and criticisms
Lists of countries by their GDP
See also
Notes
References
Further reading
External links
Last edited 11 days ago by Shikomu
Content is available under CC BY-SA 3.0 unless otherwise noted.
Privacy policy Terms of UseDesktop