Key points
Aggregate demand is the sum of four components: consumption, investment, government spending, and net exports.
Consumption can change for a number of reasons, including movements in income, taxes, expectations about future income, and changes in wealth levels.
Investment can change in response to its expected profitability, which in turn is shaped by...
Key points
Gross national product, or GNP, includes what is produced domestically and what is produced by domestic labor and business abroad in a year.
National income includes all income earned: wages, profits, rent, and profit income.
Net national product, or NNP, is GNP minus depreciation.
Depreciation is the process by which capital ages...
Key points
Gross national product, or GNP, includes what is produced domestically and what is produced by domestic labor and business abroad in a year.
National income includes all income earned: wages, profits, rent, and profit income.
Net national product, or NNP, is GNP minus depreciation.
Depreciation is the process by which capital ages...
Key Points
Since GDP is measured in a country’s currency, in order to compare different countries’ GDPs, we need to convert them to a common currency.
One way to compare different countries' GDPs is with an exchange rate, the price of one country’s currency in terms of another.
GDP per capita is GDP divided by population....
Key points
GDP is an indicator of a society’s standard of living, but it is only a rough indicator because it does not directly account for leisure, environmental quality, levels of health and education, activities conducted outside the market, changes in inequality of income, increases in variety, increases in technology, or the—positive or negative—value that...
Top 10 economies in terms of GDP by 2038
In 2024, global GDP growth is predicted at the same level as in 2023 - 3.1%. In the long term, the economy will continue to grow. By 2035, analysts expect a doubling of global GDP, but here are which countries will be in the lead in 2038.
1ST PLACE
🇨🇳 China
China will...
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