Classes today was pretty economic and business intense.
I don't know how people are business majors or econ majors.....my brain is mush after trying to wrap my mind around the information.
Of all the loads of information we learned today, here are some of the topics i learned and kind of think I understand.
1. I have never really heard of the terms GDP or GNP before.
2. How to measure inflation
3. VAT
I don't know how people are business majors or econ majors.....my brain is mush after trying to wrap my mind around the information.
Of all the loads of information we learned today, here are some of the topics i learned and kind of think I understand.
1. I have never really heard of the terms GDP or GNP before.
- GDP stands for Gross Domestic Product. This means the products are local
- GNP stands for Gross National Product. This means the products are imported from other areas and therefore are not local
2. How to measure inflation
- Measure the prices of products that are considered to be necessary for survival at the cost level
- it's the difference between the household budget from year -to -year
(p.s. approx 20% of a household's income is "disposable")
3. VAT
- VAT stands for Value Added Tax
(fun fact: VAT is already included in any prices whereas in a America VAT is added after the price when you check out)
interesting stuff!
now when i shop ill think about all these acronyms :)
~ αγαπώ ~
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