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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.

As stock markets plummet, ask yourself: Do you really want Harris running the economy
Posted inOpinion

As stock markets plummet, ask yourself: Do you really want Harris running the economy

USNN World Newsby USNN World NewsAugust 6, 2024May 11, 2025
Dow Jones Plunges 1000 Points Amid Global Market Selloff
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Dow Jones Plunges 1000 Points Amid Global Market Selloff

USNN World Newsby USNN World NewsAugust 5, 2024August 5, 2024
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USNN World Newsby USNN World NewsAugust 4, 2024August 26, 2024
Chevron to Move Headquarters From California to Texas by End of Year
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Chevron to Move Headquarters From California to Texas by End of Year

USNN World Newsby USNN World NewsAugust 2, 2024October 2, 2025
Number of Americans Filing Jobless Claims Rises to Highest in Nearly 1 Year
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Number of Americans Filing Jobless Claims Rises to Highest in Nearly 1 Year

USNN World Newsby USNN World NewsAugust 1, 2024June 13, 2025
US National Debt Hits $35 Trillion Milestone
Posted inNational News

US National Debt Hits $35 Trillion Milestone

USNN World Newsby USNN World NewsJuly 30, 2024March 14, 2025
Federal Reserve’s Preferred Inflation Gauge Mixed Amid Higher Energy, Food Prices
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Federal Reserve’s Preferred Inflation Gauge Mixed Amid Higher Energy, Food Prices

USNN World Newsby USNN World NewsJuly 26, 2024December 5, 2024
US Economy Expanded 2.8 Percent in 2nd Quarter, Fueled by Consumer Spending
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US Economy Expanded 2.8 Percent in 2nd Quarter, Fueled by Consumer Spending

USNN World Newsby USNN World NewsJuly 25, 2024December 5, 2024
Major Earnings Reports Start This Week
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Major Earnings Reports Start This Week

USNN World Newsby USNN World NewsJuly 24, 2024July 24, 2024
From Sell-Offs to Flashing Indicators: Is a Market Plummet Ahead Read Newsmax: From Sell-Offs to Flashing Indicators: Is a Market Plummet Ahead? | Newsmax.com Important: Find Your Real Retirement Date in Minutes! More Info Here
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USNN World Newsby USNN World NewsJuly 23, 2024July 23, 2024
US Retail Sales Report Showcases Consumer, Economic Resilience
Posted inEconomy

US Retail Sales Report Showcases Consumer, Economic Resilience

USNN World Newsby USNN World NewsJuly 20, 2024July 20, 2024
US Economy Showing Signs of Weakness: Fed’s Beige Book
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USNN World Newsby USNN World NewsJuly 19, 2024April 5, 2025

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NATIONAL NEWS

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