GDP
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Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund.
GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the world's most powerful statistical indicator of national development and progress. The GDP can divided by the total population to obtain the average GDP per capita. Total GDP can also be broken down into the contribution of each industry or sector of the economy. Nominal GDP is useful when comparing national economies on the international market according to the exchange rate. To compare economies over time inflation can be adjusted by comparing real instead of nominal values. When comparing GDPs between countries differences in the cost of living can be adjusted with Purchasing power parity (PPP). GDP per capita at purchasing power parity can be useful when comparing living standards between nations.
GDP has been criticized for leaving out key externalities, such as resource extraction, environmental impact and unpaid domestic work. Alternative economic indicators such as doughnut economics use other measures, such as the Human Development Index or Better Life Index, as better approaches to measuring the effect of the economy on human development and well being.
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Volume One - 2021-01-29 00:00:00
Mikey - 2020-05-04 00:00:00
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