2007-04-12 04:52:13 · 6 answers · asked by Denise T 2 in Social Science ➔ Economics
A /country's/region's gross domestic product, or GDP, is one of the ways for measuring the size of its economy. The GDP of a country is defined as the market value of all final goods and services produced within a country in a given period of time. So when you say GDP increases, more stuff is produced in the country because the demand of that "stuff" increases.
2007-04-12 04:58:07 · answer #1 · answered by moonie 1 · 0⤊ 1⤋
GDP is the product of the number of market hours worked and the output per hour of labor. So when the GDP increases it indicate that one and usually both has increased.
2007-04-12 05:24:43 · answer #2 · answered by meg 7 · 0⤊ 0⤋
It's a good thing for that country.
GDP=Gross Domestic Product
2007-04-12 05:52:06 · answer #3 · answered by Pumpkin 4 · 0⤊ 0⤋
It roughly means that people in a country are making more money than they used to. GDP stands for Gross Domestic Product.
2007-04-12 04:56:08 · answer #4 · answered by ♠KPT STYLE♠ 6 · 0⤊ 0⤋
It means there is an increase in the value of goods and services produced within a nation in a given year; or as economists like to say, and increase in output. Only "real" increases count, since the calculations correct for inflation.
2007-04-12 08:46:48 · answer #5 · answered by KevinStud99 6 · 0⤊ 0⤋
it means our national income increases. the income earned by our country is increasing. it also means the per capita income, the standard of the people etc is also increasing
2007-04-12 05:25:50 · answer #6 · answered by chincha 3 · 0⤊ 0⤋