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Nicci_babe
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#1
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can anyone give me a clear definition of this and does any one know what extent it is the economy driving down the unemploymeny and incresing the GDP.
i dont want the actuallly answers i dont want to be spoon fed but as i dont know what GDP is i cannot answer the question!
Please help :confused:
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#2
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Firstly i think you're looking for Gross Domestic Product.

This link should tell you about what GDP is, go to the third page.
http://tutor2u.net/decks/econdeck44.asp

There is some more information you can find about GDP and measuring it etc. here:

http://tutor2u.net/search.asp
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Vienna
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(Original post by Nicci_babe)
can anyone give me a clear definition of this and does any one know what extent it is the economy driving down the unemploymeny and incresing the GDP.
i dont want the actuallly answers i dont want to be spoon fed but as i dont know what GDP is i cannot answer the question!
Please help :confused:
im sure you can find something on google.

but, GDP or Gross Domestic PRODUCT is the value of all the services, manafactured goods,( plus the exports, minus the imports) and the spending by the government in a one year period.
it shows the growth of the economy and is traditionally around 2-3%.
it is not the same as GNP. or Gross National Product.

anything else?
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G4ry
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That's the forumla for aggregate demand that you quoted. I'm a bit rusty on my Economics quite worryingly. Are you saying that the GDP formula us the same as AD? or am i just not thinking properly today?
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Vienna
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(Original post by G4ry)
That's the forumla for aggregate demand that you quoted. I'm a bit rusty on my Economics quite worryingly. Are you saying that the GDP formula us the same as AD? or am i just not thinking properly today?
AD is related to expenditure.
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Nicci_babe
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(Original post by vienna95)
im sure you can find something on google.

but, GDP or Gross Domestic PRODUCT is the value of all the services, manafactured goods,( plus the exports, minus the imports) and the spending by the government in a one year period.
it shows the growth of the economy and is traditionally around 2-3%.
it is not the same as GNP. or Gross National Product.

anything else?
Thank you so much are you sure it isnt profit tho and how does the new economy drive down unemployment??
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G4ry
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Yeah fine, and the forumla is:

AD= C+I+G+(X-M) which is also the same as the GDP one. I just don't remember GDP being the same formula.
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Vienna
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(Original post by G4ry)
Yeah fine, and the forumla is:

AD= C+I+G+(X-M) which is also the same as the GDP one. I just don't remember GDP being the same formula.
AD = C+I+G+(X-IM) and since expenditures equal the value of goods and services Real GDP = C+I+G+(X-IM)
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G4ry
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#9
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Ok,thanks vienna. I'm scared i'm supposed to be doing a degree in this next year and i'm already a bit rusty on some of the stuff that i did a few months ago, i better do a re-cap soon.
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