William Petty came up with a concept of GDP, to calculate the tax burden, and argue landlords were unfairly taxed during
The … See more

GDP can be determined in three ways, all of which should, theoretically, give the same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditur… See more

GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference is that GDP defines its scope according to location, while GNI defines its scope according t… See more

Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to the information required (especially information … See more

The raw GDP figure as given by the equations above is called the nominal, historical, or current, GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in … See more

Real GDP allows us to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as … See more

GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person. If a country's GDP doubled over a certain period, but its population tripled, the increase in GDP may not mean that the standard o… See more