Gross National Product (GNP) – UPSC Notes – Economy
Gross National Product (GNP) embodies the aggregate economic output generated by a nation’s citizens, irrespective of their geographical whereabouts
Gross National Product (GNP) embodies the aggregate economic output generated by a nation’s citizens, irrespective of their geographical whereabouts
Gross Domestic Product (GDP) measures the total value of all final goods and services produced within a country’s borders over a specified time period
Economic Growth pertains to the escalation in a nation’s income or output of goods and products compared to a preceding period
Socialist Economics prioritizes the production of goods and services for use rather than profit, in contrast to a capitalist economy where the focus is on producing for profit
Keynesian Economics is a demand-side theory emphasizing short-run economic changes. Developed in the 1930s by British economist John Maynard Keynes
Microeconomics is a subset of economics that focuses on decision-making behavior at the individual level.
Macroeconomics is a crucial branch of economics, dedicated to examining the behavior of the overall economy on a larger scale.
Within this field, two crucial branches—microeconomics and macroeconomics—take center stage. These branches are essential components of the Economics Basics crucial for mastering the UPSC IAS Exam Syllabus
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