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Form of Gdp and What Is the Difference Between

In: Business and Management

Submitted By mailtobishwajit
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Gradable Assignment 1
1. Full form of GDP and what is the difference between GDP per Capita
GDP–Gross Domestic Product
GDP per Capita – An estimate of an individual spends as a consumer compared to the total population spending on products and services.
GDP is gross domestic product, the total economic output of a country, i.e., the amount of money a country makes. GDP per capita is the total output divided by the number of people in the population, so you can get a figure of the average output of each person, i.e., the average amount of money each person makes.

2. Define or explain Purchase Power Parity in two lines
Ans: Purchasing power parity (PPP) is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.

3. Which of these are Formal Institutions and Informal Institutions
a. Laws-
b. Ethics-
c. Culture-
d. Regulations-
e. Norms-
f. Rules-

4. Name two countries under Theocratic Laws
Ans: Vatican City
5. Name at least two of the three kinds of economies
Ans: An economy is a system whereby goods are produced and exchanged. Without a viable economy, a state will collapse. There are three maintypes of economies: free market, command, and mixed.
6. Name two characteristics each of Low Context and High Context cultures
High Context Cultures 1. Space is communal; people stand close to each other, share the same space. 2. Learning occurs by first observing others as they model or demonstrate and then practicing.
Low Context Cultures 1. Space is compartmentalized and privately owned; privacy is important, so people are farther apart. 2. Learning occurs by following explicit directions and explanations of others.

7. Expand SWOT and VRIO

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