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jackson6612
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Please reply in layman terms. Thanks.
Gross Domestic Product, GDP, is the amount of goods and services produced in a year, in a country. It is the market value of all final goods and services made within the borders of a country in a year. I think it's the financial value (in other words, collective price of all the goods and services - price as decided by the international market - originating inside a country of all products such as electronic goods, machinery, fabric market, manufactured inside a country's borders. What do "services" refer to? Many overseas companies have their call centers in India. Isn't it also a form of a service?
GDP, aggregate economic activity, is one of the important aggregate measures in the national accounts - National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation (or other geographic area in the broader term social accounts).
From Wikipedia's article on Economic history of India:
1875–1900
USA was the world's largest economy followed by China, UK, Germany and India. Collapse of the central authority of the Qing Dynasty and the resultant chaos triggered China's short but rapid decline on the world stage. The gross domestic product of India in 1900 was estimated at about 20 per cent that of the USA.
The Crown treasury reported annual revenue of £122 million in circa 1900. While the revenue in terms of Pound Sterling reported very low growth, it does not take into account the price of Rupee falling drastically, which is needed to understand the growth of revenue in terms of Indian economy.
What does the bold part mean?
Graph:
http://en.wikipedia.org/wiki/File:Per_capita_GDP_of_South_Asian_economies_&_SKorea_(1950-1995).png
The graph shows GDP per capita of South Asian economies and South Korea as a percent of the American GDP per capita.
What is GDP per capita? Is it GDP divided by a country's population?
According to the graph Pakistan's GDP per capita has always been higher than India since the partition till '95. But I don't see how. Could you please help me with it?
Gross Domestic Product, GDP, is the amount of goods and services produced in a year, in a country. It is the market value of all final goods and services made within the borders of a country in a year. I think it's the financial value (in other words, collective price of all the goods and services - price as decided by the international market - originating inside a country of all products such as electronic goods, machinery, fabric market, manufactured inside a country's borders. What do "services" refer to? Many overseas companies have their call centers in India. Isn't it also a form of a service?
GDP, aggregate economic activity, is one of the important aggregate measures in the national accounts - National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation (or other geographic area in the broader term social accounts).
From Wikipedia's article on Economic history of India:
1875–1900
USA was the world's largest economy followed by China, UK, Germany and India. Collapse of the central authority of the Qing Dynasty and the resultant chaos triggered China's short but rapid decline on the world stage. The gross domestic product of India in 1900 was estimated at about 20 per cent that of the USA.
The Crown treasury reported annual revenue of £122 million in circa 1900. While the revenue in terms of Pound Sterling reported very low growth, it does not take into account the price of Rupee falling drastically, which is needed to understand the growth of revenue in terms of Indian economy.
What does the bold part mean?
Graph:
http://en.wikipedia.org/wiki/File:Per_capita_GDP_of_South_Asian_economies_&_SKorea_(1950-1995).png
The graph shows GDP per capita of South Asian economies and South Korea as a percent of the American GDP per capita.
What is GDP per capita? Is it GDP divided by a country's population?
According to the graph Pakistan's GDP per capita has always been higher than India since the partition till '95. But I don't see how. Could you please help me with it?