Archives: Terms

Definition of Gross National Product (GNP) Deflator The Gross National Product (GNP) deflator is a measure of price changes in an economy. It is used to adjust the nominal GNP for inflation and calculate the real GNP. The GNP deflator takes into account the prices of all goods and services […]

Definition of Gross National Product (GNP) Gross National Product (GNP) is a measure of the total economic output generated by all residents and businesses of a country, regardless of where they are located. It includes the value of goods and services produced by a country’s residents both domestically and abroad […]

Definition of Gross National Income (GNI) Gross National Income, or GNI, is a measure of the total income generated within a country in a given period of time. It includes both the income earned by residents of the country and the income earned by the country’s residents abroad. GNI encompasses […]

Definition of Gross National Happiness (GNH) Gross National Happiness (GNH) is a measurement of the overall happiness and well-being of a nation’s population. Unlike traditional economic indicators such as Gross Domestic Product (GDP), which focus solely on financial prosperity, GNH takes into account a wider range of factors that contribute […]

Definition of Gross Domestic Product (GDP) Gross Domestic Product (GDP) is a measure of the monetary value of all final goods and services produced within a country during a specific time period. It represents the total economic output of a country and is often used as an indicator of economic […]

Definition of Gross Domestic Income (GDI) Gross Domestic Income (GDI) is an economic measure that represents the total income generated within a country’s borders in a specific time period. It is one of the two primary measures used to estimate a country’s gross domestic product (GDP), the other being gross […]

Definition of Gresham’s Law Gresham’s Law states that “bad money drives out good money.” In other words, when multiple forms of currency are in circulation, the inferior and debased form of money tends to be preferred and used, while the superior and more valuable form of money is hoarded and […]

Definition of the Great Recession The Great Recession refers to a period of severe economic decline that occurred worldwide between 2007 and 2009. It was the most significant economic downturn since the Great Depression of the 1930s. The recession was characterized by a sharp decline in economic activity, high levels […]

Definition of the Great Leap Forward The Great Leap Forward was a socio-economic campaign launched by the Chinese Communist Party (CCP) in 1958. Its main goal was to transform China from an agrarian economy into a modern socialist society through rapid industrialization and collectivization. Led by Chairman Mao Zedong, the […]

Definition of the Great Depression The Great Depression refers to a severe worldwide economic downturn that lasted from 1929 to 1939. It was the most prolonged and devastating economic recession in history, impacting countries around the globe. The Great Depression is characterized by a significant decline in economic activity, high […]