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GDP tells us about our country's economy by telling us the total money value of all final goods and services that is produced in an economy over a period of time.
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Which economy is the closest economy to us economy?
China. China's GDP is 13 trillion whereas the US' GDP is 18 trillion
What are macroeconomic factors?
Macroeconomic factors are the factors which affect the wider economy. In other words these factors seems to summarize the picture of economy. For example, unemployment, inflation rates, GDP etc. All these tell us about the story of whole economy.
Define potential GDP under what circumstances does actual real GDP fall short of potential GDP equal potential GDPand exceed potential GDP?
Potential GDP is basically the sum of growth in productivity, growth in labor force, and growth in number of hours worked. In a mature economy like the US, change in number of hours worked is insignificant and often ignored. -Potential GDP is the level of real GDP that the economy would produce if it were at full employment. When real GDP falls short of potential GDP the economy is not at full employment. When the economy is at full employment real GDP equals potential GDP. Real GDP can exceed potential GDP only temporarily as it approaches and then recedes from a business cycle peak.
What is the estimated sisize of Indian economy for 2012-13 GDP in us dollars?
3 trillion
Which countries have the largest economies in the world?
With a GDP (PPP) of $14,720,000,000,000 USD, the United States is the largest economy. The US is followed by China (#2) with a GDP of $ 9,872,000,000,000; Japan (#3) with a GDP of $ 4,338,000,000,000; and India (#4) with a GDP of $4,046,000,000,000; and Germany with a GDP of $2,951,000,000,000. All figures from CIA World Factbook 2010 - GDP estimate expressed as PPP
Which economy is the closest economy to us economy?
China. China's GDP is 13 trillion whereas the US' GDP is 18 trillion
In 2006 total GDP of US represented what percentage of world's GDP?
27.36% of the world's economy. World's economy is $48,244,879 and USA share is $13,201,819
Is the US the biggest economy in the world?
The US is the biggest national economy of the world with a GDP of around $14.500 billions a year.However, the biggest economy of the world is the EU (European Union) with a GDP od around $16.200 billions a year.
What are macroeconomic factors?
Macroeconomic factors are the factors which affect the wider economy. In other words these factors seems to summarize the picture of economy. For example, unemployment, inflation rates, GDP etc. All these tell us about the story of whole economy.
What type of economy does US have?
ran by GDP- Gross Domestic product mixed market economymixed market economy
How much of the us economy is spent on health care?
In 2010 17.9% of the US GDP was spent on healthcare.
Who has a better economic overview Mexico or Cuba?
Mexico has. With a market, export-oriented economy, Mexico ranks as the 11 largest economy in the world with a GDP (2011) of US$1.19 trillion and a GDP per capita of US$15,100. On the other hand, Cuba has an almost closed, command economy which needs many changes to become competitive in today's globalized world; it is ranked as 68 in the world with a GDP (2011) of US$114 billion and a GDP per capita of US$9,900.
Define potential GDP under what circumstances does actual real GDP fall short of potential GDP equal potential GDPand exceed potential GDP?
Potential GDP is basically the sum of growth in productivity, growth in labor force, and growth in number of hours worked. In a mature economy like the US, change in number of hours worked is insignificant and often ignored. -Potential GDP is the level of real GDP that the economy would produce if it were at full employment. When real GDP falls short of potential GDP the economy is not at full employment. When the economy is at full employment real GDP equals potential GDP. Real GDP can exceed potential GDP only temporarily as it approaches and then recedes from a business cycle peak.
Which country is third largest economy in Latin America?
Argentina, with a GDP of US$609 billion.
What is the estimated sisize of Indian economy for 2012-13 GDP in us dollars?
3 trillion
Why did US replace GNP with GDP?
The short answer is that they didn't. GNP and GDP are to different economic indicators. They are however related. However I have noticed that a lot of US statistics prefer to GDP rather than GNP to describe US economy. A reason given by the Federal Reserve Bank of St. Louis in 1992 "GDP corresponds more closely than GNP does to other indicators used to analyze short-term movements in the U.S. economy, such as employment and industrial production." GNP = GDP + NR GDP = consumption + investment + (government spending) + (exports − imports)
What is the GDP of Poland?
The GDP of Poland is $422 billion (International Monetary Fund 2007 based on US Dollars). This ranks Poland's economy as the 22nd largest in the world.
