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Gross Domestic Product (GDP)
- This is the most basic indicator of the overall market value of a nation's finished domestic goods and services and the country's health and size.
- There are two types of GDP: real and nominal. The former is the economic output after inflation is factored in while the latter does not take inflation into account.
- The GDP is important because it gives us an idea of whether the economy of the country is growing or contracting.
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Gross National Product (GNP)
- This is the metric used to measure a country's economic output that is produced by all the citizens of a country regardless of their location.
- It represents how its nationals are contributing to the country's economy.
- In order to calculate the GNP, you mus...
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GDP: Component Overview
In order to calculate the GDP you must add all of these components:
- Consumer spending: this is the value of the consumption of the goods and services of the country's households; this is the largest part of the GDP
- Government spending: ALL c...
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Gross National Product (GNP)
- This is the metric used to measure a country's economic output that is produced by all the citizens of a country regardless of their location.
- It represents how its nationals are contributing to the country's economy.
- In order to calculate the GNP, you mus...
Gross Domestic Product (GDP)
The ideas in "The wealth of nations"(Adam Smith) provided the seed for the concept of GDP and altered the importing and exporting business.
Before, countries declared their wealth based on the value of their gold and silver. Smith argued that countries should instead be evaluated based on ...
Trade Deficits
Trade Deficits happen when the value of a country's imports exceeds the value of its exports. The imports and exports include goods, physical products, and services.
It's not inherently good or bad but trade deficits can actually be a sign of a strong economy and under certain conditions c...
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