Gross domestic product as a widespread macroeconomic indicator. Definition of the stage of the business cycle. A study of the quality of improving the life of the population in each country. Use of international standards to calculate the coefficient.
UDC: 657,2: 311.213.1: 338,45 (043,3) BASIC CHANGES IN GDP ACCOUNTING Madzinova R. Introduction. Textbook definition of gross domestic product (GDP) is that it is the sum of the cash value of final goods and services produced in the economy by all factors of production for a certain period (eg Jurecka 2010 SoUkup 2011). GDP is thus explained to students of economics as a key macroeconomic variable and as a simple indicator of economic performance used worldwide. But does this indicator have relevant value in relation to the economic performance of the country? Does it really measure all production for final consumption? Efforts to measure the performance of the economy are long-term. According to Coyle D. (2014b) efforts to measure the economy were extended to the 17th century. Interests of quantifying the size of the economy or of its measurement are different. While initially the goal is to estimate the size of the payment of taxes in order to determine whether a country is able to launch a war against the
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