GDP is the gross domestic product. It is a pretty accurate indicator of the wealth of an entire nation. If a nation is wealthy, then chances are most of the people within that nation are somewhat wealthy as well.
Would you say that real GDP per person is a useful measure of economic well-being ?Defend your answer.
Norway has a high GDP and is not a low income country at all. Norway ranks in the top 10 of every positive economic indicator used to measure prosperity.
From its highest point, prosperity, to its lowest point, trough, these phases are marked by increases and decreases in GDP, unemployment, demand for goods and services, and spending.
Nominal GDP is GDP evaluated at current market prices. Therefore , nominal GDP wil include of the changes in market prices that have occurred during the current year due to inflation or deflation. Nominal GDP= GDP deflator.real GDP/100 Real GDP is GDP evaluate at the market price of some base year. GDP deflator --- Using the statistics on real GDP and nominal GDP, one can calculate an implecit index of the price level for the year. This index is called GDP deflator. GDP deflator = nominal GDP/real GDP .100 The GDP deflator can be viewed as a conversion factor that transform real GDP into nominal GDP. Note that in the base year, real GDP is by definition equal to nominal GDP so that the GDP deflator in the base year equal to 100.
TOP ELEVEN COUNTRIES IN SOUTH EAST ASIA BY GDP(GROSS DOMESTIC PRODUCT ) East Timor (GDP 499 ) Laos (GDP 5,260 ) Cambodia (GDP 11,182 ) Myanmar (GDP 27,182 ) Vietnam (GDP 89,829 ) Philippine (GDP 168,580 ) Hong kong (GDP 215,559 ) Malaysia (GDP 222,219 ) Thailand (GDP 273,248) Taiwan (GDP 392,552 ) Indonesia (GDP 511,765)
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Per Capita GDP
Would you say that real GDP per person is a useful measure of economic well-being ?Defend your answer.
Norway has a high GDP and is not a low income country at all. Norway ranks in the top 10 of every positive economic indicator used to measure prosperity.
From its highest point, prosperity, to its lowest point, trough, these phases are marked by increases and decreases in GDP, unemployment, demand for goods and services, and spending.
Nominal GDP is GDP evaluated at current market prices. Therefore , nominal GDP wil include of the changes in market prices that have occurred during the current year due to inflation or deflation. Nominal GDP= GDP deflator.real GDP/100 Real GDP is GDP evaluate at the market price of some base year. GDP deflator --- Using the statistics on real GDP and nominal GDP, one can calculate an implecit index of the price level for the year. This index is called GDP deflator. GDP deflator = nominal GDP/real GDP .100 The GDP deflator can be viewed as a conversion factor that transform real GDP into nominal GDP. Note that in the base year, real GDP is by definition equal to nominal GDP so that the GDP deflator in the base year equal to 100.
TOP ELEVEN COUNTRIES IN SOUTH EAST ASIA BY GDP(GROSS DOMESTIC PRODUCT ) East Timor (GDP 499 ) Laos (GDP 5,260 ) Cambodia (GDP 11,182 ) Myanmar (GDP 27,182 ) Vietnam (GDP 89,829 ) Philippine (GDP 168,580 ) Hong kong (GDP 215,559 ) Malaysia (GDP 222,219 ) Thailand (GDP 273,248) Taiwan (GDP 392,552 ) Indonesia (GDP 511,765)
Real GDP is the GDP during your chosen base year, and nominal GDP is the GDP of the year on which you are focusing. The GDP deflator from 1990 to now (2013) is: GDP (2013)/ GDP (1990) * 100%
A recession is a modest downturn in the level of economic activity. Technically, this is indicated by two consecutive quarters of negative economic growth by the GDP.
Potential GDP is the total numerical value of GDP before inflation is counted in. Real GDP is nominal GDP adjusted for inflation
It is 100*(New GDP - Old GDP)/Old GDP
the GDP would be overstated