Improving The Standard Of Gross Domestic Product

Improving The Standard Of Gross Domestic Product
To keep the economy running smoothly, to maintain price stability and to alleviate poverty are the main goals for formulating policies around the
world. The experiences of every country are various as different patterns of economic development. Although it is widely accepted that the reduction of
poverty accompanies the economic growth of a country, which encourages many countries, especially some developing countries, to concentrate on
improving the standard of gross domestic product (GDP), it is still controversial whether the causal relationship exists or not, for recent evidence shows
that if the measures are not taken appropriately by the government, citizens may remain impoverished. This essay focuses on China and India, two of the
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Meanwhile, a similar situation is witnessed in China. In the past decades since 1990, the growth performance of the Chinese economy has been rising
fast with an annual per capita growth rate of approximately 9%. During this period, living standards in China have improved significantly with rapid
poverty reduction (Chen, 2007; Ravallion, 2008). To be more precise with statistics, from 1989 to 2004, income in Chinese inland provinces doubled
(from 1149 yuan to 3537 yuan), while that in coastal provinces, more than tripled (from 982 yuan to 2338 yuan). This 15–year period has seen the
more rapid growth in urban areas of both coastal and inland provinces. In rural areas, average household per capita income rose 2.5 times and in urban
areas, it multiplied 3 times (Goh et al, 2008).
However, some further researches indicate that economic growth and poverty reduction do not appear to be linked as is seen superficially. According
to Donaldson's research (2007), comparing four indicators (poverty rates, GDP, the rich–poor gap and the growth rates in GDP/capita) in many periods,
the result suggests that their relationship is not significant. Besides, there is a nonsynchronous phase between the changes in poverty and economic
growth rates during certain periods. For instance, during the years 1978 to 1984, rural poverty in China decreased rapidly, even as the pace of
economic growth during much of this time was slowing, this implies that economic
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Gross Domestic Product ( Gdp ) Economic Statistics
Gross Domestic Product (GDP) economic statistics are one of the most closely watched stats throughout each country. In the charts listed above, the
nominal GDP is greater than real GDP in each quarter of 2016 due to the nominal GDP reflecting current GDP at current price and real GDP
reflecting current GDP at past year prices. Also, the chart reflects that the nominal GDP was greater than the real GDP for each quarter of 2016 due to
the value of the nominal GDP sub–categories (personal consumption expenditures, gross private domestic investments, and government consumption
expenditures and gross investment) all being significantly higher than the same sub–categories listed under the real GDP. The nominal GDP reflects
the prices that are... Show more content on Helpwriting.net ...
Some differences between the two products are services or the market of goods that are produced for that respective country's economy. However, the
GNP does not include the annual foreign production that is inherited by the domestic citizens, whereas the GDP does include the foreign productions
that are inherited by its domestic citizens. According to the table above, to determine the GNP and GDP you will calculate the national product total
from the national and personal income. National income is the overall annual value of goods and services within a respective country economy. The
chart shows that in 2016, the GNP was $7,864.80 higher than the national income. National income is broken down into ten categories (compensation
of employees, rents, interest, proprietor's income, corporate income taxes, dividends, undistributed corporate profits, indirect business taxes,
consumption of fixed capital and net foreign factor income). However, the employee compensation makes up the largest portion of the national
income. In my opinion, I believe this to be true, because the economy is valued by its population and the services that are provided and goods that are
sold. This can't happen without having citizens gainfully employed, which in return will need to be compensated for the work they are contributing to
their economy. Part III. GDP in Different Countries Country NameCountry CodeSeries NameSeries Code2015

The Effects Of Macroeconomics On Gross Domestic Product
Introduction One of the outstanding elements of macroeconomics is Gross Domestic Product (GDP). In the last five decades this element has been
embraced as an acceptable meter for economic growth (Robert Constanza, 2009) and remains the best indicator of standard of living of a country.
Ghana, a developing country west of sub–Saharan Africa is not in isolation and different from others. It is an undeniable truth that Ghana?s economy
has not grown much since the early 1960s after her independence (Aryeetey, 2000). Over the years, Ghana 's economic growth has been pegged at
3% to 4% (Institute of Economic Affairs , 2006). However, in 2011, Ghana recorded a high Gross Domestic Product growth of about 14.5.0%
(Data.worldbank.org, 2016). Nevertheless, this growth has not been sustained over the subsequent years. Gross Domestic Product growth has been
4%, 8%, 15%, 7.9%, 5.4% and 4.2% for consecutive years from 2009 to 2014 respectively (IMF, 2015).. From the statistics, it is very evident that GDP
growth in Ghana has been undulating. The statistics can be ascribed to the financial contributions that various sectors such as the real sector with
services inclusive, the external sector and the monetary sector make to the economy. Notwithstanding this, over the years, the major contributor to
Ghana?s economy has been the service sector (Ghana Statistical Service, 2013; Ghana Statistical Service, 2012) about 50.2% of total real sector
contribution to the GDP (Budget, 2015) The Service

Gross Domestic Product Changes In The United States
The production of countries is compared to one another based on their gross domestic product. A country is said to have economic growth if it has
an increase in output. Every quarter of the year, the Bureau of Economic Analysis releases a GDP estimate on the US. This allows for people to see
how the US economy is doing, how it's changing, and predict how it might change in the future. The reports for quarter one, two, and three are all out
now for 2014 and it is very interesting so see how the gross domestic product changes through each quarter. The articles I picked to summarize and
analyze are each about a certain quarter and are in chronological order. The first article from Forbes.com that is written by Samantha Sharf is titled "U.S.

The Rate Of Gross Domestic Product And Unemployment
"The relationship between rate of Gross Domestic Product and Unemployment
Of an economy"
The economic power of an economy is what truly enables it to be a global ruler; furthermore a strong economy means the people are employed,
successful and thriving. The best way to measure the economy's current health is to just take a look at their Gross domestic production and
unemployment rate. A strong economy stands for global dominance and influence, resulting in high standards of living, decreased unemployment, and
prevention from recessions, depressions and also lower the risk of inflation but is there a link between the gross domestic product and unemployment
that plays a role in all this? And how does this effect the well being of an economy, also why was the Canadianrecession of 2008 a proof of this direct
but opposite link of GDP and unemployment.
Now to connect the dots, it's easy to put out all these terms but not actually understand how they are related well the growth of GDP means there is
more demand of products and if there is demand, companies need workers to make those products, hence there is lesser unemployment and the
economy is growing and production rate is also increasing. If the rate growth is constantly decreasing with lesser demand and there is constant lower
economic activity then the economy goes into recession. To further elaborate these concepts, Gross domestic product stands for the total economic
activity of a nation, it means the monetary value of

Gross Domestic Product
I.Introduction
1.Introduction and objectives
The wealth and success of a country is something that theoretically is very hard to measure and quantify. However, tools called Indexes can be
used to report on the past, present or future state of country. The usage for these Indexes is quite obvious: they can be used to benchmark the
situation of a country compared to its peers, create historical trends in order to estimate if any improvements have been made throughout the years in
multiple fields. Of course, they can also be used as political tools for the world leaders for internal purposes (linked to government policies) but also
external policies as it can be a mean to determine the power that a country can have on the international level. The main Index that has been used for
the past 80 years and is still used nowadays to measure the economic wealth is the Gross Domestic Product (or GDP). It is important to remember that
the initial goal of these indexes (and particularly the GDP) is to measure and give a detailed report of the addition, subtraction and multiplication of
certain numbers that compose a country's economy. Therefore, a measurement tool is not an end goal in itself.
Nevertheless, this index became the reason for an international competition between countries to decide which one is the most able to bring this
number to the maximum. This might not be an issue if the GDP was not mainly a measurement of the economic wealth of a country. During the years,
new

Macroeconomics Inflation, Unemployment And Gross Domestic...
Hello classmates,
In this week's lesson we learn about the three primary concerns when analyzing macroeconomics inflation, unemployment and gross domestic product
(GDP). When discussing inflation in the economy we understand that it is a major factor that it plays in today's economy. For example, when the
price of a specific item or service is inflated the less your money will allow you to buy. Little inflation is good for the economy because this will allow
companies to raise their employee's hourly wages. Too much inflation could be caused by the high demand for goods or service. Therefore, if the
demand is high and the production is the same the price of the supply will increase. Consumers will continue to spend their money because they

Gross Domestic Product And Gross National Income
M2A2: National Income Accounting/
Gross Domestic Product and Gross National Income
Samantha Montero & Renee Scott
After reading Economics: Principles and Tools, we understand that one is able to
measure the production of the entire economy by a tool known as the Gross Domestic Product
(GDP). GDP is defined as the total market value of all final goods and services, produced within
a country.1 It summarizes the entire production of an economy into a single number (GDP) and it
gauge 's a country standard of living. Throughout this essay we will aim to explain both the main
components of GDP and it's differences from other forms of economic measurements, as well as
touch upon it's deficiencies as a measure of welfare. We will ... Show more content on Helpwriting.net ...
1 OКјSullivan, Arthur, and Steven M. Sheffrin. Economics: Principles and Tools. 5th ed. Upper Saddle River,
NJ: Prentice Hall, 1998. Print.
2
GDP, on top of having several different components, has a few different ways in which it

measures output. Two different measurements that are widely used are Nominal GDP and Real
GDP. The main difference between nominal GDP and real GDP is that nominal GDP doesn 't
adjust for inflation and real GDP does. 2 While real GDP is adjusted for differences in price
levels, nominal GDP when calculated is not and, as a result, will often appear higher and can be
misleading. With measurements that require adjustments, one will always encounter
discrepancies. Gross domestic input or GDI measures the sum of all income earned while
producing goods and services within a nation 's borders. 3 The difference between GDI and GDP
is that GDI calculates economic activity based on income, and GDP calculates economic activity
based on spending. While they are similar, the two measurements use different methods to gauge
the economy and thus, the data collected by GDP and GDI will almost never be the same.
According to Dr. Marilyn Waring in the film Who is Counting?4 As long as activity
passes through the market, it is good for growth. In the film Dr. Waring discusses the major

Real Gross Domestic Product
Real Gross Domestic Product (GDP) Real GDP increased annually at a rate of 2.6 percent in the fourth quarter of 2013. Although it decelerated
from a 4.1percent GDP growth increase in the third quarter, in my findings real people were helping our economic growth in the fourth quarter. To
be specific, the real GDP increase in this final quarter beat BEA estimate (a 2.4 percent increase) by 20 basis points. This is reflected by a larger than
previously estimated consumption expenditure (3.3 percent versus an estimate of 2.6 percent). However, it is offset by a smaller–than–estimated
private investment in intellectual property products (4.0 percent) and residential fixed investment (negative 7.9 percent). There are positive
contributions to this increase such as: personal consumption expenditures up 3.3 percent (higher than last quarter's 2 percent), gross private domestic
investment up 2.5 percent, and exports up 9.5 percent. They are offset by negative contributions such as government spending down 5.2 percent.
Imports, which are a subtraction in the calculation of GDP, were up 1.5 percent. The price index for gross domestic purchases, which is the
measurement of prices paid by US residents, increased at the rate of 1.5 percent in the fourth quarter 2013 as compared to 1.8 percent increase in the
third quarter last year. If food and energy prices are excluded, the price index increased at 1.8 percent in the fourth quarter 2013 as compared to an
increase of 1.5 percent in the

The Increase Of Gross Domestic Product
The criteria used to justify the selections presented on this essay is the increase of gross domestic product (GDP) in the United States. The GDP is
used to determine how much money was spent, how much good and services were sold and how much income was earned in the country. The United
States are responsible for much greater per person greenhouse gas emissions, and the country is working towards the reduction of emissions that might
help to diminish the climate change and inspire other countries to take action too. New research shows that if present trends continue, the total cost of
global warming will be as high as 3.6 percent of gross domestic product (GDP). The impacts of global warming will come with price approximately of
$1.9 trillion annually by 2100. Current projections of the earth 's surface – data from the Intergovernmental Panel on Climate Change (IPCC) – will
continue to rise on this 21st century; the global mean surface temperature increase for the period 2016–35 relative to 1986–2005 is likely to be in the
range of 0.3В°C to 0.7В°C. Tourism, agriculture and other weather–dependent industries will be affected by global warming. Homeowners and
businesses will also be impacted by water and energy costs. Climate change leads to terrible natural disasters such as hurricanes and heavy storms.
Moreover, increased precipitation, humidity, higher sea–level and melting ice sheets are likely to happen due to heat waves and weather variation in

The Is A Japanese Word For Higher Gross Domestic Product...
Countries have always competed economically. The government pushes for higher Gross Domestic Product, hoping that they will become the richest
country. During economic crises, countries want to recover and have stability. All of this means that employees must work longer and harder. However,
there are more consequences than countries realize. The more employees work, the more stressed they become, lowering their well–being. Large
epidemics begin spreading throughout nations. As countries demand higher GDP, their people begin to suffering causing numerous deaths from
overworking or suicide due to stress. Karoshi is a Japanese word for the epidemic spreading throughout the world, where people are worked to death.
Instead of focusing on the population's well–being, countries are only concerned with the economy, pushing employees to work long and stressful
hours. The term, karoshi, first appeared in the early 1980s, when Japan enter into their bubble economy. Karoshi is defined as the, "'condition of
being permanently unable to work or dead due to acutely ischemic heart disease such as myocardial infraction, or acute heart failure caused by
cerebral vascular diseases such as cerebral hemorrhage, subarachnoid hemorrhage and cerebral infraction, because inherent health problems such as
hypertension and arteriosclerosis are deteriorated by excessive work overload'" (Kanai). For a while, the Ministry of Health Labor and Welfare in
Japan did not focus on the issue because they

Gross Domestic Product Of Australia
AUSTRALIAN ECONOMY
GROSS DOMESTIC PRODUCT As per Australian Bureau of Statistics, Gross domestic product of Australia is 1560.60 USD, with annual growth rate
of 2.50 percent. Services sector dominates the total GDP of the economy (65 percent of total GDP). Though service sector is dominant yet major
contribution to economy's success in recent years came from mining sector (13.5 percent of GDP). Some other sectors which have contributed towards
the success of Australian economy are manufacturing (11 percent), construction (9.5 percent) and agriculture (2 percent).
GOVERNMENT BUDGET
Government budget is the accounting of total payments made by the government (in terms of transfer payments and purchases) and total payments
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Majority of the Australian trade is with china which accounts for 30 percent of total exports and 18 percent of total exports.
As stated earlier in the report, Australia is rich in natural resources and it major exports consists of metals like iron ore and gold (28 percent) followed
by coal (18 percent) and oil and gas (9 percent). Biggest share of Australian exports constitutes of manufactured goods and machinery and other office
equipment. Total amount of exports of Australia are 27874 million AUD.
FOREIGN DIRECT INVESTMENT
The report from Australian Bureau of Statistics showed a decrease in the amount of foreign direct investment in Australia in recent years. This is due
to the Global financial crisis of 2009 where all components of FDI declined. FDI in Australia decreased from 55596 AUD million in 2012 to 52667
Aud million in 2013
IMPORTS
There has been an increase in imports of Australia from 28595 AUD million in January 2015 to 29129 AUD million in February 2015. The
commodities which are included in imports are machinery and transport equipment which is followed by telecommunication and office equipment.
GENERAL BUSINESS ENVIRONMENT
Australia is a developed democratic nation with stable business environment. It has very diverse and competitive market. The open structure of
Australian markets attracts FDI and greatly compliments its trade imports and exports.
It is located in

Concept Of Gross Domestic Product
Introduction and explanation of structure of paper
The concept of Gross Domestic Product (GDP), is the measured value of the output, which is currently produced in the domestic economy. This
gives a view of the economic wellbeing for the country, it does not however give a deeper insight into the true wellbeing of the citizens within the
country. This essay will go over the, definition of GDP, Real versus Nominal GDP, Three ways to calculate GDP, Four components of GDP, types of
money transactions not included in GDP and aspects of the standard of living that not addressed in the calculation of GDP.
Nominal versus Real GDP
Nominal GDP versus Real GDP. Nominal GDP, is the value offinal goods and services produced by and the economy in the ... Show more content on
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Examples of these are personal vehicles and homes. Non–durable goods or consumable goods, are goods that will be used and then repurchased. This
included items such as food, laundry detergent and toothpaste.
Second is Investment (I), Investment being important because it has to deal with the infrastructure of a country, state or city the GDP is being
calculated for. Investment takes into consideration, construction this includes residential, commercial and industrial. Another component of investment
is equipment, this is supplemental to construction. The last component of investment is Inventory. Inventory, this being the amount of goods or
services left in reserve and have not been used yet.
Third is Government Spending on goods and services (G), this is culmination of spending by the government that includes the total expenditures on
good and services by the federal government or state and local government.
Lastly in the calculation of GDP is the Net Exports (X–M), goods and services that are shipped or sold overseas are exports. Imports are the goods or
services that are brought into the country from overseas. When calculating the Net Exports, the exports for a given year are subtracted by the Imports
for a given year, giving the net exports.
Three types of money transactions not included in GDP Transaction that are not included would be those sales of used goods, person to person
transactions, goods

Economic Impact Of Gross Domestic Product
5. Economic Perspective
In a previous section the researcher mentioned that as a countries' economic performance, wealth and prosperity, improves, households will have more
income to spend, which leads to more consumption and, consequently, more waste production. The Bloomberg Economist Michael McDonough
studied the correlation of GDP and trash and he discovered a similar positive relationship between a countries' GDP and its total waste production (See
Figure 16) (McDonough). The Gross Domestic Product (GDP) is the total monetary value of all, domestically, produced final goods and services during
an annual basis (Investopedia). He explains that everything that people throwing away, not only consumer products but also buildings being ... Show
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McDonough discovered waste has an 82% correlation to US economic growth by examining the Association of American Railroads (AAR) carloads
of trash with the U.S. GDP. The U.S has experienced a GDP decline of approximately 20% between 1994 and 2012 and a decline of waste production
of approximately 30% (See Figure 16) (McDonough). From Figure 16 one can see that something is wrong in the economy, potentially, in the
underlying economy. And that recent downturns in the waste production is concerning regarding the near term direction of the overall US economy.
Figure 16: AAR Waste Carloads compared to U.S. GDP
Therefore, this correlation makes it clear that countries need to have the right tools to deal with the increasing amount of waste in order to minimize
both the economic costs, and the environmental negative effects that come with waste. One can argue that recycling is one of the best tools to fight the
increase in waste production. Recycling would not only lower the total amount of waste that needs to be disposed of in the end of the waste stream,
which would reduce both the cost and the environmental damage, but recycling would also lower the need to use virgin raw materials, which reduces
the strain on natural resources.
Some might say that the problem is that while growth in GDP has a clear relationship with waste production, there is not a clear

Gross Domestic Product Is The Measure Of A Nation 's Total...
Gross Domestic Product is the curative measure of a nation's total economic activity. It represents the monetary value of all goods and services
produced within a nation's geographic borders over a specified period of time. In other words, it's how to tell how the economy of a country is
doing. It is the total dollar valued of all goods and services; the size of the economy usually in a given year. GDP first came into use in 1937 in a
report to the US Congress in response to the Great Depression, after Russian economist Simon Kuznets conceived the system of measurement. The
system used before was the Gross National Product (GNP). It was widely adopted in 1944 as the standard means to measure national economist. The
income approach to calculate the GDP is the sum of the components. Labor income, rental income, interest income, and profits earned by households in
a year. What is spent on a product is the income to those who helped to produce it and sell it. The expenditure approach, on the other hand, totals
consumption, investment, government spending, and net exports produced by a country in a year. The first component of the GDP is consumption. It
includes all private and public consumption, government outlays, investments, and exports minus imports that occur within a defined territory. Is
normally the largest GDP component. Many persons judge the economic performance of their economic performance of their country mainly in terms
of consumption level of dynamics.

U.s. Gross Domestic Product
When it comes to manufacturing, some people might argue that U.S. manufacturing is shrinking and all the jobs are gone into oversea because of
what they heard from media or some reasonable stories such a massive job lost in about a decade ago, and the rapid growth of other competitiveness
countries like China. Although, there were manufacturing job lost has happened in during the past two decades, it does not mean that it will continue
in the future. Baily and Bosworth (2014) stated that, "...what is missed in a focus on a single sector is that job weakness after 2000 was not just a
manufacturing issue; employment in the entire US economy went through a negative shift after 2000" (p. 11). Furthermore, manufacturing is one of
the most important sector in U.S. economy since it takes a large portion of U.S. gross domestic product. According to "Economy: overview" (2015),
"The US has the most technologically powerful economy in the world, with a per capita GDP of $54,800". About 20.7 percent of the GDP is from the
manufacturing industry sector. However, the future of U.S. manufacturing will highly depend on its technological improvement in order to retain in
the competiveness global market.
For instance, China has a large labor force with much lower cost of living for the employees compared to the US. China's workforce is about 98
million employees while the U.S. has only about 17 million workers in the manufacturing field. But the average hourly compensation cost of

How Gross Domestic Product ( Gdp ) Is Calculated
US020C438A Principle of Economics Hayley Hart Professor Steven Drinkwater Describe how Gross Domestic product (GDP) is calculated;
discuss how good a measure GDP is of a country's economic wellbeing. Gross Domestic Product (GDP) can be calculated in three ways, Income,
expenditure and output methods. Mankiw and Taylor(2014) says that in the UK The Office of National Statistics produces a single measure of
GDP to do this, three approaches are used (Income, Expenditure and Production) the equal amount of all three of these approaches are then
balanced out to create an overall final figure. The expenditure approach is the most commonly used method, it is based on the value of total
expenditure goods and services in a current year. it sums up the level of consumption of goods and services, gross, investment, government
purchase and exports and imports. The basic formula for the expenditure approach is; Y = C + I + G + NX Mankiw and Taylor(2014) Consumption
is the spending made by residential properties, Investment is spending on equipment or a service to use or sell, government purchases is the spending
on goods and services by local, state and national governments, the spending on produced goods and services by local state and national governments
and net exports are the spending on products or services from across the globe minus spending on foreign goods by domestic residents. GNP stands for
Gross National Product and is another measure of income, it's the total income

Gross Domestic Product ( Gdp )
Gross Domestic Product (GDP) is a description of a nation's production levels for a period of time, as well as a measurement of economic viability. It is
calculated by adding the consumption, investments, governmental outlays, and net exports of a nation in either one year or a quarter. The different
components of GDP are at differing levels in each nation. China and Germany, for example, have substantial net exports, and Singapore comparatively
relies much more on government outlays to grow its economy. Although the latter uses more governmental outlays than most nations, all nations to
some degree make attempts to alleviate economic downturns, as well as to maximize upward movement. Though there must be concern for issues such
as the notorious crowding out effect, government activity is often the catalyst to dramatic changes in the economy. The previous example of China as
an exporter is true, however it must be noted that it too relies heavily on government expenditures to create a stable economy that has the financial
infrastructure to grow. As a matter of fact, all the Economic Tiger nations had to use government planning to change their course from being
impoverished nations, to being financial hubs with much room for opportunity in the work force. Japan alone, would not have become the first
industrialized nation without its use of public loans and active national bank. Since understanding a government's ability to spend is important for an
economy, it is critical to

Colombia 's Gross Domestic Product
GDP
Colombia's Gross Domestic Product has a worth of 378 Billion US dollars. The average GDP of Colombia from 1960 to 2014 is USD 83 Billion.
From lowest of USD 4 Billion in 1960 to the highest of USD 380 Billion in 2013.
Rate of growth
The rate of growth of Colombia expanded 60% quarter on quarter on 2015 on the last three months. In 2015, the GDP expanded 3.1 percent which
decreased 1.1 of 4.8 percent in 2014. However, the average GDP growth rate has an average of 1.07% (2001 to 2015). The highest was 3.50% in 2002
and the lowest was –90% in the first quarter on 2002. Due to the lost in Government revenues from 2014 to 2015 Colombia has lost its bond in the
investment section.
Per capita Income/Family Income
The Gross Domestic Product per capita was at 4549 US dollars on 2014. In the world's average is 36%. The average GDP per capital from 1960 to
2014 was 2690 dollars. The highest was recorded in 2014 at 4549 dollars and the lowest recorded on 1960 at 1452 dollars.
Colombia's average salary per month is $692. In 2014, the average monthly income was $578. The National Department of Administrative Statistics
in Colombia informed that there has been an increase of 7.6% from 2013 at $537. In a family of four, the monthly income was around $2,313. If the
family lived in the capital or town, the income was of $2721 however if the family lived in rural areas, the income was of $960.
Distribution of Wealth
Colombia's unequal distribution of wealth, has affected

What Is Gross Domestic Product?
What is Gross Domestic Product?
Jordan Power
ECO2013
Mark Thompson
February 1, 2016
Gross Domestic Product is the total amount of the government's activity is regards to the economic spending. This amount is a cumulative of four
different parts. The four factors involved in Gross Domestic Product are consumption, investment, government spending, and the amount of exports
minus the imports. All of these parts make up what Simon Kruznets named Gross Domestic Product in 1937. Kruznets was born in 1901 on April
30 in Pinsk, Russia. Before his death, on July 8th, 1985 in Cambridge, MA, he received his degree from Harvard Law. From there, Kruzets became
an economist for the National Bureau of Economic Research. In 1971, Simon Kruznest received a Nobel Prize for his measurement in national income
accounting. His innovative involvement in working to create a simplified solution to account for all the government activity was also a major reason
for him being awarded with a Nobel Prize. He was not only concerned with the economic growth of the United States, but also that of poor countries.
Simon Kruznets found out ways to improve those countries economy based on his findings, regarding the growth and difference of disparity between
rich and poor people. During all of this, Kruznets taught economics at Harvard, Johns Hopkins and the University of Pennsylvania. Although Simon
Kruznets was a major player in the

Gross Domestic Product: What It Is and What It Means
Gross Domestic Product: What it Is and What it Means Almost any substantial economic report or forecast will mention the words "Gross Domestic
Product" or more commonly "GDP" at least once, if not a dozen times, citing it as an important measure and/or predictor of economic growth and
health. Because the term is so frequently used, it might be easy to identify as something of especial importance in large–scale economic considerations,
but that does not mean that the term or what it describes is well understood. The following paragraphs present a brief overview of what economists,
reporters, and politicians are talking about when they refer to GDP, and how this measurement can be used to assess and predict large–scale economic
events and trajectories. Gross Domestic Product (GDP hereafter) is, simply put, a measure of the overall size of an economy expressed as a
numerical value, and there are three ways to measure GDP that should all theoretically deliver the same value when applied to the same economy
(Curry, 2011). First and most commonly, GDP can be measured as the total value of all goods and services produced across all sectors of an
economy, from private businesses to government spending this is known as an output measure (Curry, 2011; Amadeo, 2012). Second, GDP can be
derived as a measure of expenditure, totaling the value of all goods and services consumed or paid for within an economy, including the value of all
exports less the value of all imports, meaning

The Gross Domestic Product ( Gdp )
The Gross Domestic Product (GDP) represents the monetary value of all the finished goods and services produced within a country 's geographic
borders in a determined period of time. It is used as a quantitative measure of the total economic activity of a nation, and it is usually calculated on
an annual basis. The GDP can be determined in three different ways: output or production measure, income measure, and expenditure measure. In
theory, it should all give the same number. The output or production approach defines the GDP as the value of the goods and services produced by
all sectors of the economy. It is calculated by adding the value of the total sales of goods, minus the intermediate consumption used to produce the
final goods sold. The income approach of calculating GDP is defined as the total income earned by the factors of production within an economy. First,
you should determine the National Income by adding all the wages, rents, interests, and profits earned within an specific period of time. Then, it is
added the value of Sales Taxes, Depreciation and Net Foreign Factor Income, and the final result will be GDP. The expenditure approach identifies four
possible destinations for the total production of an economy. This output can be consumed by households, businesses, the governmentor the foreign
sector. That is why the GDP can be calculating by adding the total amount of the purchases made within an economy in a period of time. From this
approach we can identify

Business Gross Domestic Products
Samantha Vanderlooven
11/18/2013
Macroeconomics | ECO201 A02
Faculty: Online Instructor , Jad Habchi
1. What was Real GDP for 2009? The GDP for 2009 was–3.1 In 2009, GDP started to improve after four quarters of decline during The Great
Recession. Nominal GDP for 2009 rebounded to $14.418 trillion Q1: $14,381 trillion Q2: $14.342 trillion Q3: $14.384 trillion Q4: $14.564 trillion Or
The Real GDP for 2009 was 13,973.7
a. What does GDP tell us?
The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of
all goods and services ... Show more content on Helpwriting.net ...
National income accounting records the level of activity in accounts such as total revenues earned by domestic corporations, wages paid to foreign and
domestic workers, and the amount spent on sales and income taxes by corporations and individuals residing in the country.
h. What is the difference between GNP and NI? GNP measures the market value of all final goods and services produced by a country's citizens or
residents. The difference is subtle but important. GNP excludes economic activity that occurs in the U.S. but is owned by foreigners and includes
American economic activity that occurs in other countries. GDP is place based whereas GNP is ownership based. So, if a foreigner creates an
Internet startup in Silicon Valley, this will count as GDP, but not GNP. If General Electric opens a new plant in Poland, this investment will be
included in GNP, but not GDP. i. How did NI change from 2008? In 2008, the money value of GDP expands to $4,500m but during the year, inflation
is 3% causing the general index of prices to rise from a 2007 base year value of 100 to 103 in 2008.
j. What caused these changes? The financial crisis was created from the housing bubble and the mortgage industry. Additionally, this caused a fall in
national income, which lead growth in GDP in negative territory. I changed

The Gross Domestic Product ( Gdp )
The Gross domestic Product (GDP) as per the definition found in research refers to the total market value of the total goods and services produced
in the economy of The United States of America which are produced and serviced in a given financial year which may be produced in the boundaries
of the nation. When transforming the GDP to real gross domestic product (RGDP), we adjust for the price changes, which may also be referred to as
Inflationary pressures. This is because inflation or its opposite deflation is pegged to the 2009 US dollar value. The Annual percentage change of Real
GDP starting from 2014 shows a sine wave trend, with years coming after 2015–2019 showing a fall in the annual real GDP which may be seen with a
grain of salt ... Show more content on Helpwriting.net ...
As gains from incomes and jobs are realized the demand for all the items listed above is likely to increase making the economy stronger. (Payne) (See
Exhibit 3–4). As per historical data of the US from 1990–2014 (See Exhibit 5) the deceleration of the Real GDP in 2011 is mainly because of the
downturns in Fed spending and private inventory investment. Also this is because of a deceleration in exports which were balanced partly by the
deceleration in the imports of goods and services and acceleration in the fixed investment, mainly non–residential. (Statistica) Based on the above data
gathered from multiple credible sources we suggest that the percentage changes in real GDP will increase in the coming four five years. The value
which we predict that the variable will take is about or in between the value of 2–3%.This value is based on the factors which have been mentioned
before. The trends which these factors will take will in reality lead to the true value but based on the previous forecasts and historical data it can be
safely assumed that the value we have suggested will be nearer to the true value with a small amount of random error involved in the value. Also the
value will only fluctuate drastically from the true value if any unforeseeable or uncontrolled factors like natural disasters, multinational bankruptcy or
war takes place with in the nation or between two nations.
The annual percentage

The Monetary Value That Represents All Of The Products...
The monetary value that represents all of the products made in a country is Gross Domestic Product. This figure affects my life right now because
the unemployment in the country can be observed by looking at the gap between the GDP per capita and the GDP per person. I can use this
information because I am seeking a job. Also, in the future, knowledge of the GDP can be useful because I will want to know my personal
productivity compared to the average which is represented by the GDP per employed person. Additionally, theConsumer Price Index is a figure that
illustrates the inflation of prices over time. It is determined by the values of the prices of goods that are included in the 'basket of goods' which has
products that consumers usually ... Show more content on Helpwriting.net ...
Furthermore, the Industrial Production and Capacity Utilization are used to predict if inflation will occur. The industrial production measures how
many manufactured goods are produced and the capacity utilization figure uses this information to create a ratio that determines whether there is a
supply shortage or not. These figures can help me to find out if it is a good time to seek a job in a particular industry. For instance, right now the
capacity utilization rate is at 81.9% in the mining industry which shows that there is a limited amount of supply, so employment opportunities would
be increased in this field ("Industrial Production"). In the future, I can use this figure to predict if prices would increase in the field because if there is
a limited amount of supply, then prices would increase.
To add, Retail Sales is an economic indicator that shows the comparison of sales in the retail industry within a few weeks. It is included in the GDP
because the retail sales shows the productivity shows the majority of sales and production in the overall economy. I can use the retail sales figure in
my life because I can see how the prices in retail will change. Also, in the future, I can use retail sales to find out if retail is a good industry to invest
in. Business Inventories and Sales is a figure that contributes to determining the overall productivity of the economy. This indicator shows the supply

Download the Gross Domestic Product Table from the Bureau...
Assignment
AB 204 Section 2
August 11, 2012
1. Download the Gross Domestic Product table from the Bureau of Economic Analysis' site and paste it into your answer. (5 points)
Table 1.1.5. Gross Domestic Product
[Billions of dollars] Seasonally adjusted at annual rates
Last Revised on: July 27, 2012 – Next Release Date August 29, 2012
Line||2010||||2011||||2012||
||I|II|III|IV|I|II|III|IV|I|II|
1|Gross domestic product|14,270.3|14,413.5|14,576.0|14,735.9|14,814.9|15,003.6|15,163.2|15,321.0|15,478.3|15,595.9|
2|Personal consumption expenditures|10,069.1|10,148.3|10,243.6|10,401.9|10,566.3|10,684.9|10,791.2|10,873.8|11,007.2|11,067.5| ... Show more content
on Helpwriting.net ...
This uncludes durable goods, consumer products, and services. This is an important factor because it is an included measure of GDP, and the figure
acts an indicator for economic trends. How much consumers spend also has an affect on inflationary pressures. Goods or products make up nearly
one–fourth of the US economy.
4. Durable Goods are the hard goods that yield utility over time, rather than being completely consumed all at once. Some examples of durables goods
are automobiles, jewelry, and furniture. Although this is the smallest category (only 7%), it still has an impact on GDP.
5. Nondurable Goods are soft goods or consumables, which are goods that need replaced immediately or are used all at one time. Examples of
nondurable goods are food and clothing. These goods also make up a small portion (16%), however, still important to GDP. 6. Services are explained
as the non–material equivalent of a good. Service provision has been defined as an economic activity that does not result in ownership. No transfer
of possession takes place when services are sold. Examples of such are financial services or healthcare. Nearly half (47%) of US GDP is made up
services, not products. This makes this portion very important.

7. Gross private domestic investment (I) are the expenditures on capital goods that are used for productive activities in the domestic economy that are
undertaken by the business sector during a given period of time. Gross

hiding something behind the actual unemployment rate in America or people in America are still feeling the effects of the 2008 recession. The
housing market crash in the fourth quarter of 2008 may still be affecting many families today. Since consumer spending drives two thirds of the
economy, according to econoday, it also affects retail sales because when consumers are confident in their economy, there are willing to buy more
(Econoday: "Consumer confidence"). This, in turn, affects U.S. retail sales which is also a reflection of the U.S. Gross Domestic Product. These
indicators have a chain reaction because when one changes, it affects the rest.
(Ferreira, 2015).
As we can see from both the consumer confidence and retail sales ... Show more content on Helpwriting.net ...
According to Lynn Franco, she says that consumers are cautious heading into 2016 and expect little changes in business conditions. Next year is
definitely not looking very promising for the United States.
Retail Sales Indicator The retail sales indicator measures the dollar value of merchandise sold within the retail industry, which includes traditional
retailers selling via internet but excludes companies conducting non–retail operations such as travel, ticketing, and financial services ("FAQ"). The
retail sales is a leading indicator because it gives us a glimpse of what we can expect in the following months in the economy. It is important to keep in
mind that leading indicators are not always accurate and are subject to revisions. The retail sales indicator covers the previous month's data and is
typically released on or around the 13th of each month. The report is usually presented in one of two ways: with auto sales being counted and
without auto sales being counted since auto sales can skew the data due to their high price ("Investopedia: retail sales", n.d.). Companies of all sizes
are used in the survey, from large corporations such as Wal–Mart to independent mom and pop shops. The methodology behind the survey is conducted
by the U.S. Census Bureau and the U.S. Department Commerce (United States Bureau: "Monthly & Annual retail trade: Annual retail trade survey
methodology", 2015).

As the United States moved further away from the immediate economic boom in the final years of the World War and the following several years,
its economy showed a major decline. While the country fought one of the biggest wars of all time, defense spending rose to levels as high as 37.8
percent of U.S. gross domestic product (Teslik). World War II was financed through debts and an increase in taxes, and this negatively effected both
consumption and investment. Some believed that the war would improve the economy due to the increase in GDP during those years, but at the end
of the war, the economic growth fell back to the same trend it had been following during the 1930 's (Institute for Economics and Peace). During the
1960 's, Federal spending soared because the government was attempting to fund new programs such as Medicare, Food Stamps, and various plans to
improve the education system (US Department of State). Then, with the war in Vietnam on the horizon, military spending began increasing as well,
and the government started spending a surplus of money, since it had to fund both the war on poverty domestically, and the prepare the nation for
another war internationally. The government raised taxes throughout the 1950 's and into the 1960 's with income tax rates reaching the high 80% (Top
US Tax Rates Over Time, graph). The government was unable to raise enough revenue through taxes, as they had just spent billions of dollars on the
Second World War, and inflation

Russia's Gross Domestic Product
Russia's gross domestic product puts its economy as the eighth largest in the world but its per capita GDP puts it at the seventy–fifth percentile. Retail
markets and consumers became popular over a ten–year period. With the retail market on the rise in Russia, it is valued at $200 billion, of which $5.6
billion is electronics, Eldorado being the largest electronics retailer. For a while, Russian and Western retailers were unsure of moving directly into
regions and instead focused on commercial activities in Moscow and Saint Petersburg–primary industrial and commercial centers–due to dramatically
differing regional development, numerous local administrative barriers, and significant time differences in Russia. Russia, now, contrary to the past
(1990s to 2000s), when they managed to keep their labor markets' unemployment at an impressively low level, mainly consists of high resilience of
remuneration rather than the high resilience of working time, and the very low flexibility of employment. Russia is able to easily adapt to salary
decreases, which partially reflects institutional aspects of the Russian economy and partially reflects psychological factors, evident during periods of
transitional reform. Russian employees are able to maintain their unemployment at low levels despite the labor market adjusting to new economic
conditions. The Russian labor code remains tough yet employee–friendly because it is almost impossible to terminate a labor contract, and the use of

Gross Domestic Product Is The Value Of Goods Produced And...
Gross Domestic Product, also known as GDP, is defined as the value of goods produced and services provided in a country during one year. Gross
Domestic Product is important in the culture of economics because in the United States, we use it to measure the well–being of the economy. Gross
Domestic Product is measured in quarters, there are four quarters in one economic year. Say the Gross Domestic Product is down 10% in Quarter One
and then in Quarter Two the Gross Domestic Product has gone up by 15%. You subtract 15% from 10% and then you are left with 5%. Therefore, the
economy, or the Gross Domestic Product, has grown by 5% since the last quarter. If the Gross Domestic Product was never measured, we as
Americans would not know if the economy was growing, shirking, or staying the same.
On news channels like FOX News, FOX Business Network, CNN, and MSNBC we hear them talking about the nation's economy and the gross
domestic product all the time. On shows like Neil Cavuto, they have guest on the show to discuss the current gross domestic product and how it's
either improved or diminished over the past years or quarters. In 2010, on Neil Cavuto's FOX Business Network show, "Cavuto on Business" the group
was discussing the downplays of the fourth quarter gross domestic product. The gross domestic product for the fourth quarter had jumped 5.4%. Neil
and four other contributors were discussing whether or not the Obama Administration was going to increase spending or put money

What Gross Domestic Product ( Gdp ) Is A Better Life? Essay
HoChun Lam Professor Robert Horito ECON–2010–380 October 31, 2015 Life Quality and Economy Most people may know what gross domestic
product (GDP) is. And most people think that if a country has a high GDP, it tells us the country is strong. High GDP countries' people have
higher salary, higher material life, and more economic activity. However, it does not mean that high GDP countries' people have a better life. For
example, most of high GDP countries have serious pollution problem. Therefore, they have to spend a lot of money on health care. Do they really
have a better life? Also, GDP has advantages and disadvantages. GDP is only one of the methods to evaluate the quality of countries. One of the
disadvantages of GDP is not comprehensive. Working is not only can be occurred in workplace. Workers can also work at home, like
housekeeping and child care. And GDP would not count this type of job. However, they actually can develop the economic income. Moreover, a
country can have really high GDP with only making a lot of production, but people who living in this country can be really poor. Also, the cost of
natural disasters can increase GDP. However, is natural disaster a good thing? The answer is no for sure. The GDP would not show the impact of
the environment. It only consider the positive side; therefore, it can tell GDP is not objective enough. On the other hand, I will explain the
advantages of GDP as a measure of welfare. GDP is the total value of goods and

Theu.s Gross Domestic Product ( Gdp )
Analysis of U.S economy Changes in GDP The U.S Gross Domestic Product (GDP) in the first of 2016 increased by 1.1 percent as per chart below.
Later in 2015 1.4 percent increase is realized, earlier in 2014 there is decrease in the GDP with consecutive increase in the other quarters of the
year, in 2013 there is increase in all the four quarters as per the chart 1 below retrieved from bea.gov. Chart 1 Chart 2 From chart 2 the percentage
increase has been almost equal only in 2013 ranging within 3% where there was a shoot in increase up to 4% in 2013.The chart 2 is retrieved from
multpl.com. Changes in savings According to Bea the savings are as follows 2012 4.8% 2014 5.0% 2015 5.6% From the... Show more content on
Helpwriting.net ...
and 8.5% in Germany. On average, over 2016 they have been about 1.9% and 0.3%, respectively and at about 0.3% for the euro area as a
whole."(ecb.europa.eu, June 2016) Unemployment rate 20128.1% 20137.4% 20146.2% 20155.3% The unemployment rate has been dropping for
the last 4 year and comparing from the previous year the unemployment rate has been at almost same rate. Generally, according to World Bank
data, GDP : 16.77 Trillion USD Savings : 3.21 Trillion Investment : $131 billion Real Interest rates: 1.8% Unemployment: 6.2% The next 5 years
would be difficult as investment rate into United States has fallen from last five years. Real Interest rates have also increased over past 5 years.
Unemployment has decreased in past 5 years. Savings are on record number and may continue to increase. GDP may remain flat. Government
policies on Economic growth The main factors that determine the country 's productivity and is determined by government policies is physical
capital per worker, human capital per worker, natural resources per worker and technological knowledge as discussed further below. Capital per
worker The workforce will be more productive if they are provided with better tools and machines to work with to produce goods and services. When a
country make laws/promote that encourage increase capital production then its workforce will be more productive hence promoting the final

The Real Gross Domestic Product
The Real Gross Domestic Product (RGDP) is a measure with inflation adjusted that considers the value of all goods and services manufactured in a
designated year, which is indicated in a base year prices. This is also known as the inflation corrected GDP, or constant dollar GDP. On the other hand,
a figure that has not been adjusted for inflation is known at the Nominal Gross Domestic Product (NGDP). Also known as the current dollar GDP. A
GDP is the one figure that indicates the health of a country's economy. A healthy economy is when you will normally see wage increases and low
unemployment as businesses demand more labor to fulfill the growing economy. A GDP will appear higher than it actually is, if the inflation is not
accounted for in ... Show more content on Helpwriting.net ...
Also which made them available to borrow even more against the equity in their houses. So people just kept buying and buying, but they didn 't
realize that they were also increasing their personal debt, which eventually became unpayable. Interest had to be paid on all the loans that the banks
made, but with the debts rising quicker than incomes, people were unable to keep up. So people just stopped repaying their loans and made banks in
danger of going bankrupt. People started to sell their houses in order to repay the loans, which caused the pricing of houses to go down. Then banks
started to cut lending to businesses and households, which caused prices in the markets to drop. Also leading to unemployment when these institutions
and banks were closed; which is when the downturn began. After the 2007–09 years, from 2010 till 2014, the GDP growth rate is back on the positive
side. The most recent RGDP figures shows a decrease at an annual rate of 0.2 percent in the first quarter of this year, according to the "third"
estimate released by the Bureau of Economic Analysis. This "third" estimated release is based on a more complete source data than were available
for the "second" estimated issue. This data shows that imports were increased more and exports were decreased less than previously estimated. A
GDP is usually quoted as a

Government Spending On Welfare And The Gross Domestic Product
Introduction
Various governments send out information regarding how various tax revenues are utilizes on people who pay these taxes. Spending is always broken
into numerous categories and welfare is one of the biggest categories. Expenditure on welfare is directly extracted from government statistics[1]. There
has been a great debate as to whether government spending on welfare has any relationship with the size of a country's GDP[2]. As such, this research is
meant to demystify the situation. The purpose of carrying out this research is to examine any underlying correlation between the government spending
in welfare of the people and the gross domestic product.
There are two hypotheses as far as this subject is concerned. One sates that ... Show more content on Helpwriting.net ...
Additionally, people who are working in countries that have better welfare will be in a better position to work and hence help build the GDP. Hence,
carrying out the research will help the researcher be able to choose between the two hypotheses and hence determine whether government expenditure
on welfare effects the growth of the GDP or stagnation of the same.
Literature Review
The question of whether or not there is a correlation between government spending on welfare and the GDP has thrown policy makers into debates
and clearly differing theoretical camps[3]. Empirical studies have given confusing evidence as some of the studies have favored one approach or the
other depending on many factors in consideration. The huge growth of government spending on the welfare of the people in both development and
developing countries since the times of the Second World War and its effect on the gross domestic product has produced a wide literature that offers
distinct attempts to expound on the observed relationship[4].
On the other side, studies on public finance have been channels on the identification of the primary causes of the growth in public sector expenditure.
Among the earliest trials to explain, the growth in the economic growth and expenditure in the public sector is Wagner's Law. This law is based on the
observations of Adolf Wagner. His observations were first for his country and then for rest of the world. He states that

Gross Domestic Product (GDP) is a measure of value of output; it also reflects the wealth of countries. It can be measured by the function Q = f (K;L):
if we want increase the quantity produced (and the national income), we should increase the labour (workforce) – represented by L – and the capital
(equipment such as factory or machinery) – represented by K. The value and volume of output will grow up thanks to this to factors. For emerging
countries, the issue is to find capital. They already dispose of a huge population and also a huge potentially workforce: near 1,36billion people in
China in 2015 and 973million of people in Sub–Saharan Africa in 2014 (The World Bank, 2015: online). Countries have two ways to find capital to
sustain their growth: saving and foreign direct investment (FDI). According to Harrod–Domar and his theory, domestic savings are useful to invest for
government or companies (infrastructure, equipment...) (Todaro, 2011). Thanks to Harrod–Domar's study, the level of total savings determines the
total new investments that justifies the equation where savings are equal to investments. Savings also have an essential role in China's growth. Indeed,
Chinese households save a large part of their income: between 1997 and 2003, the household income per capita rose more rapidly than consumer
spending. During this period, the size of per capita household savings accounts grew up of 123.9 percent, from 4.6trillion to 10.4trillion (per US
Dollars) (Deloitte,

Gross Domestic Product ( Gdp ) Of A Nation
Gross Domestic Product
Gross domestic product (GDP) of a nation is comprised of four primary components. These components; consumption, investment, government
spending and net exports are the measure of the monetary value of all the finished goods and services produced within a country 's borders in over a
given period of time. This can be broken down in any time frame but is normally used quarterly and annually. The GDP can be calculated as; GDP
(Y) = consumption (C) + investment (I) + government spending (G) + net exports (NX) or Y=C+I+G+NX. The key word here is finished goods and not
all goods.
Household consumption, one of the four components of calculating the GDP of a nation has a broad range of items included in it. With the
exception of the cost of buying a used house, most all durable and nondurable goods are measured within this.The money a family spends on goods
and services include everything from haircuts to education. Durable goods would be vehicles for transportation and all of the items that one buys
to furnish a home. Items big and small regardless of brand or cost are factored in this component. If one was to buy and new set of appliances for a
kitchen and a broom to sweep the floor, they are both used in this calculation. If one was to save this money for a while longer it would make the
overall GDP lower than if the items were purchased. Education is often thought of as an investment in ones future but it is considered consumption by
means of an

Fundamentals of Macroeconomics: Gross Domestic Product
Part 1 In this section, I seek to offer a concise definition of a number of key economic terms. Gross Domestic Product (GDP) In basic terms, GDP
is an estimate of a nation's total economic output. In that regard, GDP can be used as a fairly accurate measure of a country's economic health and
living standards. Typically, the GDP of a nation is computed on an annual basis. In my definition of GDP above, I label it an "estimate" of a
nation's total output as the same fails to capture a country's underground economy. Real GDP and Nominal GDP Real GDP is essentially a
measure of a nation's total economic output in which case adjustments are made to reflect changes in the price levels of goods and services. In
that regard, real GDP (unlike nominal GDP) is the nation's total economic output expressed as per the prices of a specified year commonly
referred to as the base year. To get a clearer picture of what real GDP actually is, we need to differentiate it from nominal GDP. In the words of
Baumol and Blinder (2011), "nominal GDP is calculated by valuing all outputs at current prices." It does not therefore take into consideration price
changes. A certain year's real GDP should therefore be lower than the same year's nominal GDP. This is largely the case given that the latter measure is
not adjusted for inflation. Unemployment Rate This can generally be defined as the ratio of those who are unemployed to the total civilian labor force.
The resulting figure should in this

Gross Domestic Product (GDP) is an economic objective used to predict and measure economic growth and output. GDP is defined as the monetary
value of all goods and services produced in an economy in one year. This includes manufactured and agricultural goods, as well as services such as
hairdressing and plumbing.
Gross domestic product can be measured for an economy is two ways, the expenditure method and the income method.
Expenditure method: GDP= I + C + G +(X–M)
I – private investment, which is broken down further into two categories
Business investment: can be planned new capital e.g. new sheds, machines and tools
Household investment: private expenditure on new homes
C – Household consumption and expenditure, which is broken down further into three groups
Non–durable goods: consumed within 3 years, therefore stable essential spending e.g. food, petrol
Durable goods: long lasting, not essential, can be postponed or brought forward e.g. white goods (fridges), brown goods (furniture), motor vehicles
Services: non–commodity, essential (health services e.g. doctor) discretionary (restaurants, hairdressers)
G – government expenditure, which is further broken down into two groups
Government current expenditure: consumption for government functions e.g. pens/chairs
Government capital expenditure: government investment e.g. schools, roads, hospitals

(X–M) – net external demand
This is all money payed to Australia for exports (X), minus money payed to

The Effects Of Macroeconomics On Gross Domestic Product
Introduction One of the outstanding elements of macroeconomics is Gross Domestic Product (GDP). In the last five decades, this element has been
embraced as an acceptable meter for economic growth (Constanza et al., 2009) and remains the best indicator of standard of living of a country.
Ghana, a developing country west of sub–Saharan Africa is not in isolation and different from others. It is an undeniable truth that Ghana?s economy
has not grown much since the early 1960s after her independence (Aryeetey et al., 2000). Over the years, Ghana 's economic growth has been pegged
at 3% to 4% (Institute of Economic Affairs , 2006). However, in 2011, Ghana recorded a higher Gross Domestic Product growth of about 14.5.0%
(Data.worldbank.org, 2016). Nevertheless, this growth has not been sustained over the subsequent years. Gross Domestic Product growth has been 4%,
8%, 15%, 7.9%, 5.4% and 4.2% for consecutive years from 2009 to 2014 respectively (IMF, 2015).. From the statistics, it is very evident that GDP
growth in Ghana has been undulating. The statistics can be ascribed to the financial contributions that various sectors such as the real sector including
the services sector, the external sector and the monetary sector make to the economy. Notwithstanding this, over the years, the major contributor to
Ghana?s economy has been the service sector (Ghana Statistical Service, 2013; Ghana Statistical Service, 2012) about 50.2% of the total real sector
contribution to the GDP

Improving The Standard Of Gross Domestic Product

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