Economics

Do you want to understand what is happening to the global economy we all live in? This is a great place to start, as in this section, we will provide some fundamental economics knowledge.

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How to Calculate GDP Using the Income Approach

Unlike the expenditure method, the income approach to measuring GDP is based on the total income a country earns.

How to Calculate GDP Using the Income Approach

Unlike the expenditure method, the income approach to measuring GDP is based on the total income a country earns. It stipulates that national expenditure equals the total income from goods and services produced by an economy over a period (most commonly one year). The Income Approach Formula Every time...
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How to Calculate GDP Using the Expenditure Approach

The Expenditure method is a major approach used when calculating the Gross Domestic Product of a country. Before we

How to Calculate GDP Using the Expenditure Approach

The Expenditure method is a major approach used when calculating the Gross Domestic Product of a country. Before we examine it in detail, let’s explore how a typical economy works. What is the Circular Flow in a Four-Sector Economy? In every economy, we have four main sectors: households, firms,...
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What’s the Difference Between Nominal GDP and Real GDP?

The Gross Domestic Product is solely based on market values, which makes it as volatile as the general price level

What’s the Difference Between Nominal GDP and Real GDP?

The Gross Domestic Product is solely based on market values, which makes it as volatile as the general price level changes over time. Considering the tremendous impact inflation has on the GDP figure, economists have started using two variations of GDP measures – nominal GDP and real GDP. What is...
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Do you want to understand what is happening to the global economy we all live in? This is a great place to start, as in this section, we will provide some fundamental economics knowledge.

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