ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy.

Detailed explanation-2: -An economy provides people with goods and services, and economists measure its performance by studying the gross domestic product (GDP)-the market value of all goods and services produced by the economy in a given year. If GDP goes up, the economy is growing; if it goes down, the economy is contracting.

Detailed explanation-3: -Employment is perhaps the most important indicator of the health of the economy.

Detailed explanation-4: -The four components of gross domestic product are personal consumption, business investment, government spending, and net exports.

Detailed explanation-5: -Real Gross Domestic Product (GDP) Nonfarm Payrolls and the Unemployment Rate. The Price Indexes (CPI and PPI) Consumer Confidence and Consumer Sentiment. Retail Sales. Durable Goods Orders. More items •16-Mar-2016