The monetary value of all the finished goods and services
produced within a country's borders in a specific time period, though GDP is
usually calculated on an annual basis. It includes all of private and public
consumption, government outlays, investments and exports less imports that
occur within a defined territory.
GDP = C + G + I + NX
where:
"C" is equal to all private consumption, or consumer
spending, in a nation's economy
"G" is the sum of government spending
"I" is the sum of all the country's businesses spending on
capital
"NX" is the nation's total net exports, calculated as total
exports minus total imports. (NX = Exports - Imports)....
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GDP is commonly used as an indicator of the economic health
of a country, as well as to gauge a country's standard of living. Critics of
using GDP as an economic measure say the statistic does not take into account
the underground economy - transactions that, for whatever reason, are not
reported to the government. Others say that GDP is not intended to gauge
material well-being, but serves as a measure of a nation's productivity,
which is unrelated.
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