Author: Alpa Tarun Mohanty | Published on: 31 January, 2019   Page: 42-58

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Abstract
This essay based on Michaele Parkin, Macroeconomics, 8th edition. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

Keywords
GDP; Economic Growth; Economic Welfare Comparisons; NDP; Capital and Investment; Goods and Services.

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