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A Sustainable Economic Model - Case Study Example

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The case study "A Sustainable Economic Model" states that the economic development of a nation is very well dependent on various contributory factors that work together to take the nation forward. The objective of this essay is to closely analyze these factors and to suggest an economic model. …
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Download file to see previous pages This value is equal to the total of the spending by the consumer, investors and the government added with the value of the products and services exported after deducting the total value of imports. Gross Domestic Product is usually considered as a valuation of the national economic growth. It is often used to compare the economic performance to aid as a prediction tool and to analyze the business cycles and the recessive and expansive economic performances within them. This further aid economic and fiscal policy formulation of the government and is also used to analyze the consumer behavior and the economic phenomena involved. (Heakal, R. 2008).These figures can be a benchmark to compare economies of different nations and the economic prediction process is also made possible.

A usual pattern of assessing the Gross Domestic Product is to have an initial GDP report on every quarter which is an advance report. Two corrective reports follow this before the final figures on GDP are arrived at. It usually takes two months on this reporting process before a final report is formulated. It is often found that the advance reports are able to create a remarkable impact in the market. (Heakal, R. 2008). The GDP numbers are reported on two different levels, of which one is with reference to the current rate of performance of the national currency. However, this form of representation makes it difficult to analyze the current economic scenario in the country with reference to other time periods as the chances of inflation hinders this possibility. The second mode of representation more or less solves this problem as it takes into consideration a standard rate of the national currency which makes the comparison easier and it gives a proper standard of reference. These modes are termed as Real GDP and Nominal GDP respectively. In totality, Gross Domestic Product is the count of the national output and considered to give an overview of the country’s economy at a certain point in time.  ...Download file to see next pagesRead More
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