Gross Domestic Product (GDP) Formula and Calculation

Gross domestic product (GDP) in economics is the monetary value of all the finished products and services produced during a specific time period. It is a broad measure of a country’s domestic production. Therefore, it serves as a gauge of a given country’s health. In other words, GDP measures the value of …

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National Income – Meaning and Concepts

Introduction National income is the total value of income that individuals and enterprises earn in a country. It means the value of goods and services a country produces during a financial year. It is therefore the net income of all economic activities of a country during a year period. We view national …

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Economic systems: The 5 Types of Economies with Examples

Introduction An economic system is a structure of decision-making. It has to do with the policies and entities that shape it. It involves production, firms, distribution of economic outputs, and input allocation. An economic system is a combination of various entities. These entities provide an economic structure that defines the social community. …

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Inflation: causes, types, effects and control

Introduction Inflation is the persistent rise in the price of goods and services. This rise in price to the fall in the value of money. We can also view it as a situation whereby too much money pursues few goods in the same economy. This economic situation is within a given period …

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Money in Economics: Functions and Types of Money

The concept of money in Economics refers to any commodity or item or material that can be used as a means of exchange for goods and services. The Functions and forms of Money as discussed in economics will be explained. For money to be used as a means of exchange, it must …

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