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Needing help with addressing GDP to give an Idea of what the economy may look like based on recent history and expected future conditions such as how the GDP is determined, Trends, Forecasts, and statistics.

The response addresses the queries posted in 897 words with references.

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The response addresses the queries posted in 897 words with references.

// In this paper, we will discuss about Gross domestic product and its role in an economy on the basis of recent history and expected future conditions of economy. The paper will also include the determination of GDP through various approaches. We will also discuss about the GDP trends, forecasts and statistics.//

GDP is the abbreviation of Gross National Product. It refers to the evaluation of market value of the products, goods and services domestically produced by a country. It is the sum of the money or income generated by a nation in a year. The nation's overall economic output is measured by GDP. GDP helps in determining how the economy is working, and whether it is growing rapidly or slowly. It also helps in comparing the relative growth rate and sizes of economies. There are many approaches of determining GDP such as income approach, expenditure approach and the product or output approach (Lipsey & Chrystal, 2003).

Various approaches of determining GDP:

Income approach: It is an effective approach of determining GDP. This approach of GDP helps in measuring the national income. National income is a sum of income of all producers that include income of labor, interests, rental income, and profits. The formula of calculating national income is:

NI = W + R + i + PR

In this formula, NI stands for national income, W stands ...

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The response addresses the queries posted in 897 words with references.

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See Also This Related BrainMass Solution

Short answer questions in economics: economics, market economy, command economy,supply and demand

Questions (also attached):

1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?

1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?

2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.

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