what is inflation, gdp, ppp,
Dear Student,
Inflation refers to a continuous and persistent rise in the general price level of goods and services in a country over a period of time.
Gross domestic product(GDP) is the market value of all officially recognised final goods and services produced within a country in a given period of time.
PPP stands for 'Purchasing Power Parity'. PPP is an economic concept which follows the law of one price. PPP implies that if we calculate price of a same good in two different countries, keeping in view the exchange rate going on between the two, the prices will be same in terms of either of two currencies. For example, one kg of apples costs USD 2 in USA, then one kg of apples (and that too of the same quality) will cost Rs 100 in India (if the rupee-USD exchange rate is Rs 50 = 1 USD).
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Inflation refers to a continuous and persistent rise in the general price level of goods and services in a country over a period of time.
Gross domestic product(GDP) is the market value of all officially recognised final goods and services produced within a country in a given period of time.
PPP stands for 'Purchasing Power Parity'. PPP is an economic concept which follows the law of one price. PPP implies that if we calculate price of a same good in two different countries, keeping in view the exchange rate going on between the two, the prices will be same in terms of either of two currencies. For example, one kg of apples costs USD 2 in USA, then one kg of apples (and that too of the same quality) will cost Rs 100 in India (if the rupee-USD exchange rate is Rs 50 = 1 USD).
Keep Posting!!