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In this case, the GDP acts as a clue in matters pertinent to financial wealth of the country through measuring standard of living in a given country. Consequently, every country develops interest in knowing about the GDP correlations to ensure a boost in the wellbeing. Some of these GDP correlations realized in every country are happy index, crime rate, corruption, income and if the country is developed or developing. it is intrinsic to gain the knowledge about how these factors affect the GDP in order to tailor projects that can restore a nation.
Many studies have been carried out both having the aim of testing the hypothesis presented in the paper. Through carrying out a study on the GDP of different countries, the researchers give their prediction on whether the factors are likely to increase on reduce the GDP.
Andrew E Clark and Claudia Senik presents study which shows that happiness index and income have impact on the GDP. The variables in play were income, happiness index and GDP. They confirm the availability of correlation between the factors and the former. In order to test their hypothesis, the authors verified the significant relationship between happiness index and income of a country. Evidently, they found that increase in happiness index insinuates that income is also likely to increase on the other hand. The authors assert that happiness of psychological importance to the citizens, especially in their endeavors of increasing their income (Clark and Claudia, 20). The study also showed that income has a significant relationship with GDP as can be shown by the correlation presented. The study concluded that the income affects the well-being in an indomitable way regardless of other factors. Clarifying the results, the study indicates that income improves a country’s ability to adapt.
In a study carried out by the J.
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This report is based on a research that was carried out with the aim of determining the relationship between per capita gross domestic product and two economic determinants; secondary school enrolment and banks’ credit rates. This is to aid the finance minister’s decision on whether to fund secondary education or banks.
The eastern European region is not as wealthy as the rest of the European Union. Eastern Europe is composed of 14 countries. The 14 countries that composed Eastern Europe are Russia, Czech Republic, Poland, Hungary, Romania, Moldova, Croatia, Lithuania, Slovenia, Slovakia, Bulgaria, Ukraine and Belarus, Serbia, Montenegro and Albania.
This type of assumed Gross Domestic Product is often referred to as potential gross domestic product and is often presented in budget statements (Thoma, 2012). It has however not always turned out that the potential gross domestic product values are achieved.
The methodologies include Production Approach, Income Approach as well as expenditure approach however what is most important is the fact that all three commonly used methodologies present the GDP at price levels i.e. at current market price and at constant market prices.
Government spending is comprised of public expenses to finance projects to the benefit of the whole economy. Examples are bridges, schools and other public infrastructures. Net export, on the other hand refers to the inflow and outflow of goods and services in the economy.
In case of cooperative games, the firms enter into a contract by carrying discussions to plan their strategies regarding advertisement, the style of product and other investments. On the other hand, in case of non-cooperative games, competitor firms evaluate the
Nominal gross domestic product captures price changes while real gross domestic output incorporates inflation alongside price changes. Nominal gross domestic product increases with an increase in inflation and cannot is therefore not an
ement used to gauge the performance of a country’s economy, GDP sums up value of goods and services consumed consumption [public and private], government outlays, investments and the net exports [exports less imports] that occur within an economy over a defined period of
The system is well known and covers a wide range of users in the organizations; the management provides advice and support since it is widely used in organizations. Having in mind the goal and the theme of “connecting minds, creating the future”, the theme
lly higher real GDP today than it was 60 years ago shows that the US has been capable of producing a greater output of goods and services in the present than in the past, given that the GDP is in real terms (Mankiw, 2007). Some of the increases in the real GDP can be attributed
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