1. Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Real GDP is the production of goods and services valued at constant prices. Nominal GDP is the production of goods and services valued at current prices. Real GDP rather than nominal GDP to gauge economic well-being because real GDP is not affected by changes in prices‚ so it reflects only changes in the amounts being produced. If nominal GDP rises‚ you do not know if that is because of increased production or
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the world with nominal GDP per head of only USD 1‚483 and 36% of the population living below the poverty line of USD 1 per day. The low level of human development is also reflected in the UN’s human development index‚ which ranks Bangladesh 146th out of 182 countries. Economic development is also hampered by a high vulnerability to inundations. Each year‚ about a third of the country is flooded during the annual monsoon rains. This severely affects the agricultural sector‚ washing away crops. While
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INFLATION: Inflation is a sustained increase in the general price level leading to a fall in the purchasing power of money. Inflationary pressures can come from domestic and external sources and from both the supply and demand side of the economy. FACTORS OF INFLATION: Inflation is defined as the rate (%) at which the general price level of goods and services is rising‚ causing purchasing power to fall. This is different from a rise and fall in the price of a particular good or service.
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oil resources depletes the prices rise and become more of a financial strain on every economy. The price of gasoline/ petrol‚ a product of crude oil used to power many vehicles is gradually rising. Gasoline prices in the Bahamas have risen to an average of $5.20 per gallon from $4.2 in 2005 (Turnquest‚ 2005). While the price of fuel (gasoline/diesel) is not in the average man’s jurisdiction to change‚ the use and wastage of it is. Although fuel plays a mojor rolle in powering vehicles to move
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Hussain Anwar Iqbal Bangladesh Agricultural Research Council ii iii Preface The importance of agriculture in Bangladesh needs no elaboration. It plays a pivotal role in national economy‚ food security and labor force employment. Enhanced productivity in a sustainable manner under all sub-sectors of agriculture is a crying need of the nation to cater the growing demand of the increasing population. Although‚ there has been a commendable success in agricultural R&D‚ particularly
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BETWEEN THE GROWTH RATE OF THE INDIAN ECONOMY A ND SUSTAINED SAVINGS AND INVESTMENT INTRODUCTION: No upper limit can be fixed for the growth rate of a country. An upper limit can be thought of only in the sense that depending upon the availability of resources and other determinants of economic growth at a point of time a country cannot manage to grow faster than a certain rate. But there can be a lower limit of rate of growth. If the growth rate of GDP is below this lower limit‚ then it will
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at a stage where we will see slow growth and high inflation for some time—GDP growth has slowed to a 9-year low of 5.3% in January-March 2012‚ with WPI inflation staying sticky near 7.5% in May and CPI inflation in double digits. Ideally‚ it should have been the reverse: GDP growth should have been 7.5% plus and inflation near 5%. Clearly‚ the growth-inflation dynamics have reversed. As it stands now‚ we are in a low growth and high inflation trap. Getting out of this will require coordinated
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Reality Tv And It’s Effect On Society Kenneth Nevling Professor Whitworth ENG 114: First draft- Reality TV 07 November‚ 2010 Reality TV and It’s Effect on Society A reality TV show stars a non-celebrity or a volunteer who wants to participate in the program. The core role is to see what their reactions in certain scenarios are‚ and how they face given situations. The audience feels like they have a connection with the show’s stars as they feel that they are real and normal people representing
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Gross Domestic Product (GDP)‚ since its introduction during World War II as a measure of wartime production capacity‚ has become the nation’s foremost indicator of economic progress. It is currently widely used by policymakers‚ economists‚ and the media as the primary scorecard of a nation’s economic health and well-being. However‚ GDP was never intended for this role. It is merely a gross tally of products and services bought and sold‚ with no distinctions between transactions that add to well-being
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The Differences between Public Sector and Private Sector [pic] by Robyn Z. Abdusamad Dr. Deborah LeBlanc PAD 620 – Research Paper August 23‚ 2010 The Differences between Public Sector and Private Sector SUMMARY When we examine public sector versus private sector‚ plenty of differences come to mind. In defining each‚ we learn a private sector in an economy consist of all businesses and firms owned by ordinary members of the general public. It also consists of all the private
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