Explain the difference between GDP and GDI
What will be an ideal response?
GDP measures the value of total production in the economy by calculating the value of total expenditure on final goods and services. GDI measures the value of total production in the economy by calculating the value of total income.
Economics
You might also like to view...
The price elasticity of demand for widgets at any particular price is determined by
A. whether widgets are luxuries or necessities. B. how much of their budgets do consumers spend on widgets. C. whether there are any good substitutes for widgets. D. All of the responses are correct.
Economics
Explain the difference between macroeconomics and microeconomics. Give examples of each.
What will be an ideal response?
Economics