Economic Assignment- Gross Domestic Product (GDP)

   

Added on  2020-05-16

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Running head: ECONOMICS ASSIGNMEN TEconomics AssignmentName of the StudentName of the UniversityAuthor Note
Economic Assignment- Gross Domestic Product (GDP)_1
1ECONOMICS ASSIGNMENT Table of ContentsAnswer 1..........................................................................................................................................2Answer 2..........................................................................................................................................4Answer 3..........................................................................................................................................4References........................................................................................................................................6
Economic Assignment- Gross Domestic Product (GDP)_2
2ECONOMICS ASSIGNMENT Answer 1 The Gross Domestic Product of a country is the value of the commodities and services,which are produced within the domestic boundaries of the concerned country. The GDP of acountry is one of the most widely used indicators of economic growth in a country. The primarycomponents of GDP of a country include consumption expenditures, gross investments,government expenditures and the net exports (export –import) of that particular country. Thus,when the overall production of a country increases, which can be attributed to the increase in oneor more of the components of the GDP, it reflects positively in the GDP statistics of the country(Mankiw 2014). Due to its direct linkage with the economic growth of the country as a whole, the GrossDomestic Product is often broadly used as an indicator of the standard of living of the residentsof a country. In terms of economics, the term “Standard of Living” is often defined as the levelof wealth, materialistic conveniences, comfort, necessities as well as the amenities, which areavailable to the residents of a specific area or to the members of a particular socioeconomic class(Jones and Klenow 2016). The standard of living of the residents of a country thus depicts theoverall quality of life. GDP as a measure of wellbeing Although GDP is often used as an indicator of the standard of living of a country, itmeasures the same roughly, as many aspects of the overall quality of life cannot be taken intoaccount by this categorically cardinal economic indicator, some of which are as follows:
Economic Assignment- Gross Domestic Product (GDP)_3

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