what are the main advantages of the estimation of real GDP
Answers
Answered by
3
- Using GDP as a measure of a nation's economy makes sense because it's essentially a measure of how much buying power a nation has over a given time period. GDP is also used as an indicator of a nation's overall standard of living because, generally, a nation's standard of living increases as GDP increases.
- hope it's helps...❤
Answered by
2
Real GDP measures an economy's total goods and services in a given year, taking into account changes in price levels. It allows you to compare GDP by year because it takes into account inflation. It's a good indicator of where the economy is in the business cycle.
Similar questions
India Languages,
3 months ago
English,
3 months ago
Math,
7 months ago
Biology,
7 months ago
Computer Science,
10 months ago
Chemistry,
10 months ago
English,
10 months ago