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3 years ago

Economists use changes in GDP to measure

2 answers:

8 0

Economists use the gross domestic product (GDP) to measure the output of a nation’s citizens within the boundary of one country.

Further Explanation:

Gross domestic product:

Gross domestic product is defined as the market value of all services and goods produced by a country's businesses and residents, inside the country during a given time period. The gross domestic product does not include the investments made by the country's residents and businesses in the outside country.

The GDP can be calculated as:

Y = G + I + C + X

Where,

GDP = Government + Investment + Consumption + X (net exports)

The difference between the GDP (Gross Domestic Product) and GNP (Gross National Product) is that GDP takes into consideration the value of goods and services produced by a factor of production within the country during a given time period. The component of GNP includes all the component of GDP but also includes the Z factor.

An economist can use the change in GDP to know how much increase or decrease in the output from the previous year. It is used to compare the units of output.

Learn more:

1. Learn more about the objective of the budget

brainly.com/question/1226004

2. Learn more about the revenue from property tax

brainly.com/question/2689578

3. Learn more about the net income

brainly.com/question/10955397

Answer details:

Grade: Middle School

Subject: Economics

Chapter: National Income

Keywords:

Gross domestic product, to measure, the output, of a nation’s citizens, within the boundary of one country,consider the value of goods and services, economist, use, measure., gross national product, goods, and services.

Firlakuza [10]3 years ago

4 0

Economists use changes in GDP to measure the state of a country's economy. The gross domestic product, also known as GDP, is a tool that economists around the world use to measure how the economy of a specific country is doing. They use this tool, because it represents the value in american dollars, of all the services and goods that a country produced during a specific amount of time. This number gives an estimation on how big or small the country's economy is.

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