Write short notes on (a) GDP (b) Growth rate of
population? 5 mark question answer
Answers
Answer:
GDP-
Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP can be calculated in three ways, using expenditures, production, or incomes.
Though GDP is typically calculated on an annual basis, it is sometimes calculated on a quarterly basis as well. In the U.S., for example, the government releases an annualized GDP estimate for each fiscal quarter and also for the calendar year. The individual data sets included in this report are given in real terms, so the data is adjusted for price changes and is, therefore, net of inflation. In the U.S., the Bureau of Economic Analysis (BEA) calculates the GDP using data ascertained through surveys of retailers, manufacturers, and builders, and by looking at trade flows.
GROWTH RATE OF POPULATION
Population growth is the increase in the number of individuals in a population. Global human population growth amounts to around 83 million annually,[2] or 1.1% per year. The global population has grown from 1 billion in 1800 to 7.8 billion[3] in 2020. It is expected to keep growing, and estimates have put the total population at 8.6 billion by mid-2030, 9.8 billion by mid-2050 and 11.2 billion by 2100.[4] Many nations with rapid population growth have low standards of living, whereas many nations with low rates of population growth have high standards of living.
The "population growth rate" is the rate at which the number of individuals in a population increases in a given time period, expressed as a fraction of the initial population. Specifically, population growth rate refers to the change in population over a unit time period, often expressed as a percentage of the number of individuals in the population at the beginning of that period. This can be written as the formula, valid for a sufficiently small time interval.
A positive growth rate indicates that the population is increasing, while a negative growth rate indicates that the population is decreasing. A growth ratio of zero indicates that there were the same number of individuals at the beginning and end of the period—a growth rate may be zero even when there are significant changes in the birth rates, death rates, immigration rates, and age distribution between the two times.[18]
A related measure is the net reproduction rate. In the absence of migration, a net reproduction rate of more than 1 indicates that the population of females is increasing, while a net reproduction rate less than one (sub-replacement fertility) indicates that the population of females is decreasing.