What is GDP ?
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.
But for me, I always love to use Gross Domestic Product (GDP) as a comparison of a country's economy, how you do it, is take the
GDP of a country then ratio it with the population then you will get the quality per person that will contribute to country's GDP
in that way you will get the quality of a people by different country with different population. For example, we take Singapore and Malaysia.Singapore
Population: 5.399 million (2013) World Bank
Gross domestic product: 297.9 billion USD (2013) World Bank
Malaysia
Population: 29.72 million (2013) World Bank
Gross domestic product: 313.2 billion USD (2013) World Bank
Gross domestic product: 313.2 billion USD (2013) World Bank
by just simple mathematics thinking, you know that, even Malaysia with 30 million population was easily defeated by Singapore GDP's by only 16 billion USD, with ONLY 5.4 million population. Quality over quantity, quality always first, mate. I am sorry, since i'm busy, one day perhaps I will go more deeper about economy theory, and also more on the specific of "Why I use Gross Domestic Product as a medium to compare country's economy".
