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Tag: Gross Domestic Product (GDP)

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by countries. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living.

GDP definitions are maintained by a number of national and international economic organizations. The Organization for Economic Co-operation and Development (OECD) defines GDP as “an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)”. An IMF publication states that, “GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year).”

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”. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities, such as resource extraction, environmental impact and unpaid domestic work. Critics frequently propose alternative economic models such as doughnut economics which use other measures of success or alternative indicators such as the OECD’s Better Life Index as better approaches to measuring the effect of the economy on human development and well being.

Cisco Reports 4th Consecutive Revenue Decline, Looks to AI for Growth Revival
Posted inBusiness

Cisco Reports 4th Consecutive Revenue Decline, Looks to AI for Growth Revival

USNN World Newsby USNN World NewsNovember 18, 2024November 18, 2024
Why Social Security Retirees Should Mark Nov. 20 on Their Calendars
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Stocks Sell Off at End of Week on Profit-Taking Ahead of Nvidia Earnings Report

USNN World Newsby USNN World NewsNovember 16, 2024November 16, 2024
US Households Must Earn Nearly $108,000 to Afford a Median-Priced Home: Report
Posted inNational News

US Households Must Earn Nearly $108,000 to Afford a Median-Priced Home: Report

USNN World Newsby USNN World NewsNovember 15, 2024November 15, 2024
Producer Price Index Signals Persistent Inflationary Pressures Throughout US Economy
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Producer Price Index Signals Persistent Inflationary Pressures Throughout US Economy

USNN World Newsby USNN World NewsNovember 14, 2024November 27, 2024
Dollar Hits Highest Level in Over 4 Months After Trump’s Election Victory
Posted inEconomy

Dollar Hits Highest Level in Over 4 Months After Trump’s Election Victory

USNN World Newsby USNN World NewsNovember 13, 2024June 25, 2025
The State of the Restaurant Industry: Minimum Wage Hikes, Inflation, and Competition Squeeze Profits
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USNN World Newsby USNN World NewsNovember 13, 2024November 13, 2024
Second Trump Term May Push China’s Economy Over the Cliff
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Second Trump Term May Push China’s Economy Over the Cliff

USNN World Newsby USNN World NewsNovember 12, 2024September 9, 2025
How a Second Trump Term Could Impact US Production, Prices, and Investments
Posted inNational News

How a Second Trump Term Could Impact US Production, Prices, and Investments

USNN World Newsby USNN World NewsNovember 11, 2024September 6, 2025
Four Personal Finance Trends to Watch
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USNN World Newsby USNN World NewsNovember 10, 2024November 10, 2024
Federal Reserve Cuts Interest Rates for 2nd Straight Meeting
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USNN World Newsby USNN World NewsNovember 7, 2024January 22, 2025
Dow Jones Soars 1,500 Points to Record High After Trump Win
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USNN World Newsby USNN World NewsNovember 7, 2024November 7, 2024

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NATIONAL NEWS

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