Income and expenditure After global financial crisis 2007 and 2008, the UK government implemented a huge cut in government spending in 2010 in which biggest cuts will be borne by local government. As we know, budget cut is the act of reducing budgeted expenditure, so Essex county council carried out a lot of policies to stimulate economy to recover from recession in the past 5 years. In this essay, I will reveal spending cut in Essex through three examples of government budget cuts. In the end,…
5 most important economic variables (1) GDP (2) Interest rate (3) Personal income and consumption (4) Debt (5) Inflation 【GDP】The gross domestic product (GDP) is one of the most important indicators to evaluate the condition of a country 's economy. It represents the total dollar value of all goods and services produced over a specific time period; thus the size GDP would also indicate the size of the economy of the country. Normally, GDP is used to compare with the previous quarter or year’s…
What is Gross Domestic Product (GDP)? It is defined as, ‘The value of a country’s overall output of goods and services at market prices, excluding net income from abroad.’ There are three ways it can be estimated, expenditure basis-the amount of money spent, output basis-the amount of goods and services sold, and income basis-the amount of money earned. The estimates are published on a quarterly basis. (GDP 2016) The most common way the gross domestic product is expressed, as a comparison to…
In less than 40 years, China has developed from a weak economy, and an impoverished society, to the world’s second largest economy by nominal Gross Domestic Product (GDP) and the largest by purchasing power parity. With a GDP recorded in 2014 to be worth 10360.10 billion US dollars that represents 16.71% of the world’s economy, China has earned its place as a member of BRICS - Brazil, Russia, India, China and South America – a term devised by O’Neil for five of the world’s fasted and largest…
An economy can usually be understood and judged on efficiency through a number of different statistics, one of these is the GDP or the Gross Domestic Product. The Gross Domestic Product is the sum of four different components: Consumption, Investment (business and personal), Government Purchases, and Net Exports. The anticipated cost of living in an apartment will eventually prevent people from moving out. This is because with a shortness in the labor force the supply for apartments goes down so…
Gross Domestic Product Gross Domestic Product (GDP) is a metric produced by the Bureau of Economic Analysis, and used for classifying and quantifying the financial well-being of nations. It seems GDP is the gold standard for measuring success of the world’s economies, but is it enough? One might question the attributes of success and determine the need for a more comprehensive tool. Mankiw (2015), defines GDP as “the market value of all final goods and services produced within a country in a…
Comparison of the Australian and Indonesian economy Intro: Australian economy. Australia is classified by the World Bank as a developed country because its gross domestic product was US$1015 billion in purchasing power parity terms in 2008. Its per capita income was US$37,250 per annum, ranking it 11th highest in the world in terms of per capita income. The main sectors of the Australian economy include agriculture, forestry, fishing, mining, manufacturing and service. Indonesian economy.…
The demography of India is the youngest in the world right now. We have 65% of the population under the age of 35 years. Something which propels the growth of any nation. An ever-increasing young population with an ever-growing ambition. The coming decade will prove whether we can achieve our goals or not. That is, whether we as a country will be able to provide avenues for development. The biggest contributor to this is the creation of jobs. It is here that we see the importance of Sarkari…
With the 2016 Presidential elections coming up right around the corner, the date of November 8th continues to flush dread into the hearts of the voters. Considering the almost equally divided voter pool and two equally disliked candidates, the nation is contemplating some of the biggest issues of present day society as a means of distinguishing between the two opposing arguments. Nevertheless, there is one issue that Secretary Hillary Clinton and Mr. Donald J. Trump agree on: income inequality…
After the election was called in favor of Donald Trump, many began to question the direction our nation would take, but it was widely perceived that we would move backwards due to his slogan “Make America Great Again.” It is commonly known, although not widely acknowledged, that America was not initially designed for the minorities to flourish. Our government was established to grant the white male all possession of political power, so moving backwards is clearly not an option, and stagnation is…