Economists have many different types of measuring economic performance which allow as to make historical and international comparisions. In this dayd any of them are perfect, so each must be examined carefully. However there are 3 main ways of measuring e.g. unemployment, inflation and GDP- gross domestic product.
One of the most popular of this three is GDP, which is in the market a value of all final goods and services produced in the economy over a special periodof time, thats mean one year. The gross domestic product does not conut everything which was bought and sold. The GDP statistic compare from country to country , because prices are different from one place to another one and year to year.
The interesting thing is that the USA has got the highest avarage income per persone in the world.
The ecnomy has got lots of ups and downs. Good example of this one, could be a recession, which we can define by a period in which the real GDP falls its can be defined also as - two consetiutive quartes of negative economics growth.
There is a rule of 72, which is the mathematical regularity that when we would divide this number by a growth rate it would be equal to the approximate number of years that it takes something to double.
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