How do you use GDP in a sentence?
Gdp sentence example China ‘s GDP reached 18.23 trillion yuan in 2005, an increase of 9.9 percent over the previous year. When using a graph to describe the economic conditions of a country, the country’s GDP , or Gross Domestic Product, is one indication that should be included and referenced.
What is an example of gross domestic product?
If, for example, Country B produced in one year 5 bananas each worth $1 and 5 backrubs each worth $6, then the GDP would be $35. If in the next year the price of bananas jumps to $2 and the quantities produced remain the same, then the GDP of Country B would be $40.
How do we use gross domestic product?
Gross domestic product tracks the health of a country’s economy. It represents the value of all goods and services produced over a specific time period within a country’s borders. Economists can use GDP to determine whether an economy is growing or experiencing a recession.
What is meant by the gross domestic product of a country?
GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
What is another name for gross domestic product?
Alternate Synonyms for “gross domestic product”: GDP; value.
Which of the following best describes gross domestic product?
d. The average price of all goods and services produced in a nation during a period of time.
What is GDP simple words?
What is GNP mean?
Gross National Product
Gross National Product (GNP) is the total value of all finished goods and services produced by a country’s citizens in a given financial year, irrespective of their location. GNP also measures the output generated by a country’s businesses located domestically or abroad.
How can a country increase its GDP?
To increase economic growth
- Lower interest rates – reduce the cost of borrowing and increase consumer spending and investment.
- Increased real wages – if nominal wages grow above inflation then consumers have more disposable to spend.
- Higher global growth – leading to increased export spending.