Questions what is the main features of the socialist economy?

Notions about of gross domestic product (GDP) in “The Wealth of Nations”

Key words:  imports and exports free exchange measuring a nation's prosperit  production and commerce

Answer:

GDP – or Gross Domestic Product – is a statistical figure so engrained in our understanding of the economy that it is often taken to be indicative of how well a country and its people are doing. But what does GDP actually tell us, and why is it increasingly seen as an incomplete and sometimes misleading measure of both economic activity and wellbeing? In this blog post, we answer this question and discuss a ‘new’, albeit historically older measure which is gaining traction as a much-needed supplement to GDP: national wealth. GDP is a measure of economic activity – in terms of market-based gross output – in a given period (often a year). This is of course useful in many ways. GDP growth, when captured accurately, has the potential to tell us about the pace of change and rising levels of consumption. Equally, a cessation of GDP growth can serve as an important red flag: stalling enterprises and increases in unemployed workers tend to imply hardship and losses in welfare.

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