What is meant by the economy of a country? How economy of a country is calculated ??
Answers
Answer:
An economy encompasses all activity related to production, consumption, and trade of goods and services in an area. ... The economy of a particular region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to the choices and actions of the participants.
Gross Domestic Product represents the economic production and growth of a nation and is one of the primary indicators used to determine the overall well-being of a country's economy. ... One way to determine how well a country's economy is flourishing is by its GDP growth rate.
Answer:
An economy is the system according to which the money, industry, and trade of a country or region are organized,
The size of a nation's overall economy is typically measured by its gross domestic product, or GDP, which is the value of all final goods and services produced within a country in a given year.