GDP is an abbreviation for Gross Domestic Product. It denotes the measurement of the monetary value of goods available on the market within the country. It is a proper way of evaluating the economic growth because GDP of one country can be used for international comparison. Having said that, GDP doesn’t take into account the inflation rate and the cost of living. For these two criteria GDP is not the ideal indication.
Is GDP a good measure of economic growth? Why or why not?
August 22, 2018 \ Business Papers \ 0 Comments