Gross Domestic Product (GDP) World and Iraq

Post date: Apr 16, 2020 2:59:1 PM

Assistant Prof. Dr. Talal Subhi Mousa at the department of Public Administration gave a seminar entitled Gross Domestic Product (GDP) World and Iraq on 13-February-2020 at 1:30 PM in Building 8 3rd level hall 8303 : Gross Domestic Product GDP

Is the value of all final goods and services produced within a country in a given year.

Based on these four components of demand, we can measure Gross Domestic Product GDP as:

GDP = Consumption + Investment + Government + Trade balance

GDP = C + I + G + (X – M)

National Income

There is another way. Everything a firm produces, when sold, becomes revenues to the firm. Businesses use revenues to pay their bills: Wages and salaries for labor, interest and dividends for capital, rent for land, profit to the entrepreneur, etc. So, adding up all the income produced in a year provides a second way of measuring GDP. This is why the terms GDP and national income are sometimes used interchangeably.

The total value of a nation’s output is equal to total value of nation’s income