what Is GDP?what is the impact of this to our economy?
Answers
GDP means Gross Domestic Product. It is the sum of all the three sectors the primary, secondary and the tertiary. It depends upon a country's economy.
It's effect is that when the total production from all the sectors decreases then GDP also increases. And when the total production of all the sectors decreases GDP also decreases. So there is a major role of GDP in a country's economy.
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The Gross Domestic Product (GDP) measures the value of economic activity within a country.
GDP has a large impact on nearly everyone within economy.
When GDP growth is strong, firms hire more workers and can afford to pay higher salaries and wages, which leads to more spending by consumers on goods and services.
When GDP growth is very low or the economy goes into a recession, the opposite applies (workers may be retrenched and/or paid lower wages, and firms are reluctant to invest).
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