The world's top economies are efficiency-driven, as they concentrate on boosting production efficiency for better economic output, and they also give importance to innovation and technological improvements to promote growth. Nations with the best economies are competitive and have high gross domesti
The economy, as a system of resource use and distribution, is important because resources are finite. Understanding the economy is crucial to political awareness and becoming an informed citizen.
Nations' economies are measured by their gross domestic product, or GDP, which can also be adjusted to reflect purchasing power parity. The International Monetary Fund, or IMF, calculates nations' GDP by market-exchange rates and by each nation's individual domestic purchasing power. The latter meth
"Economy" means the total resources of a community or country. Therefore, economy compasses many things, such a money, the wealth of citizens, and the amount of commodities or products available for consumption. Although there are many ways of measuring the economy, the GDP, or gross domestic produc
The 10 countries with the highest nominal gross domestic product as of 2015 are (ranked first to 10th) the United States, China, Japan, Germany, the United Kingdom, France, Brazil, Italy, India and Russia. There are no definitive numbers on what countries are spending, so organizations work with est
A national economy refers to the economy of an entire country. The national economy includes financial resources and management. It encompasses the value of all goods and services manufactured within a nation.
Despite the fact that production of war necessities, such as automobiles and airplanes, skyrocketed, Europe suffered heavy debt thanks to World War I, and paying back this debt threw the economy of Europe into a period of great inflation. Out of all of Europe, Germany was hit the hardest.
One definition of "economy" is the management of a nation's, state's or community's resources, especially in regard to money. A similar and somewhat intertwined definition is the prosperity of such a place.
A closed economy refers to an economic system which does not have business relations with any economies outside its own system. Closed economies employ barriers to the trade of goods and services, monies and intellectual property to and from their economic system.
A market economy is based on the principles of supply and demand, and lets business survive or fail without much interaction from the government. A pure market economy is impractical to implement, most market economies around the world have a component of government influence.