Give brieF idea about GDP
Answers
Explanation:
The gross domestic product, or GDP, is one of the most common measures on the state of the economy for any nation. Unfortunately, unless you took an Economics 101 class in college and managed to not fall asleep, you may not know exactly what the GDP is – or why it is important.
Simply stated, GDP is the total market value of all goods and services produced in a country for a given time period. The time period most often used is one year, which is then compared to past years as a way to measure the improvement or decline of a country’s economic situation. Some of the measurable items utilized in GDP calculations include the sales of automobiles, food, salon services, financial services, and movie tickets. Generally, the higher the number, the better the economy is doing.
If the GDP number drops below the point where it stood during the prior year, then it is assumed that the economy is lagging. If the GDP numbers decline for two or more quarters, economists believe the country is in a recession.
Explanation:
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