Many professions commonly use acronyms. To doctors, accountants, and baseball players, the letters MRI (magnetic resonance imaging),GAAP (generally accepted accounting principles), and ERA (earned run average), respectively, need no explanation. To someone unfamiliar with these fields, however,without an explanation these acronyms are a stumbling block to a better understanding of the subject at hand.-Economics is […]
Tag: What is GDP
What is GDP? GDP definition
What does gross domestic product mean? “Gross” signifies that no deduction has been made for the depreciation of machinery, buildings and other capital products used in production. “Domestic” means that it is production by the resident institutional units of the country. The products refer to final goods and services,that is, those that are purchased, imputed […]
What is National income – understanding GDP, GNP National Income
What is national income : National Income provides a comprehensive measure of the economic activities of a nation. It denotes the country’s purchasing power. The growth of an economy is measured by the rate at which its real national income grows over time. National income thus serves as an instrument of economic planning.Further, national income […]