Economics

What Is GDP Equal To?

The gross domestic product, abbreviated as GDP, is a basic indicator of a country’s economic size. GDP is the sum of the gross value added of all resident institutional units engaged in production, plus any product taxes and minus any product subsidies, as an aggregate measure of production. The difference between production and intermediate consumption

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Is GDP Macroeconomic Or Microeconomic?

Macroeconomics studies macroeconomic phenomena such as GDP and how it is influenced by changes in unemployment, national income, growth rates, and price levels. What are some examples of micro and macroeconomics? What do Microeconomics and Macroeconomics have in common? Macroeconomics includes unemployment, interest rates, inflation, and GDP. Microeconomics includes concepts such as consumer equilibrium, individual

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