Suppose an Economy's Real GDP Is $50,000 in Year 1

question 5

Essay

Suppose an economy's real GDP is $50,000 in year 1 and $55,000 in year 2.What is the growth rate of its GDP? Assume that population was 100 in year 1 and 105 in year 2.What is the growth rate in real GDP per capita?

---

Definitions:

Critical Needs

Fundamental requirements identified by customers that must be addressed by a product or service for it to be considered viable and satisfactory.

Market Orientation

A business approach that prioritizes identifying and meeting the needs and wants of customers through product innovation and customer service.

Customer Relationships

The ongoing process of engaging and maintaining ties with a company's customers.