GDP is estimated by summing all of the money spent in a given period by consumers, corporations, and the government. It can also be determined by totaling all of the money received by all of the economy’s participants. How do you determine a country’s GDP? Gross domestic product (GDP) equals private consumption + gross private […]

The Gross Domestic Product (GDP) is a measure of a society’s standard of life. , but it is only an approximate measure because it does not explicitly account for leisure, environmental quality, health and education levels, activities undertaken outside of the market, changes in wealth disparity, improvements in variety, increases in technology, or the… Why

Retail and wholesale trade industries led the increase in private inventory investment. The largest contributor to retail was inventory investment by automobile dealers. Increases in both products and services contributed to the increase in exports. Consumer products, industrial supplies and materials, and foods, feeds, and beverages were the biggest contributions to the growth in goods

The total of four components is used to compute GDP: personal expenditure, business spending, government spending, and net exports. The underground economy is mostly comprised of transactions that represent unrecorded personal and commercial spending. In underdeveloped nations, the underground economy is believed to account for one-third of overall GDP, while in wealthy ones, it accounts