Hi Warren,

I just wanted to make sure about the definition of GDP.
1. GDP is the total money spent in production of goods and services in a country to get profits by selling goods or providing services to other nations.Is my understanding is correct?

for example,if a country's National Income is 100 dollars per year and the amount spent in productions of goods and services is 10 dollars on the same year,then the GDP is 10 %..Am I Correct?..Pls help me on this to get a clarification.

You are in correct, Albert. GDP is not "money." It is expressed in currency (e.g., dollars), not in percent.

Rather than me spoonfeeding you knowledge that you can easily get on your own, I want to teach you how to help yourself. That way you'll be able to depend more on yourself and less on experts like me. OK, sir?

Here we go:

1. Go to

2. Then hit the keystroke combination Ctrl+L (that is, hit the Ctrl and the L keys simultaneously); this will put your cursor in your browser

3. Then type the following with the quotation marks that I show here: "gross domestic product"

4. Then hit the [Enter] key on your keyboard.

Some of the best definitions and discussions about economics will come from the following websites:

1. Wikipedia

2. Investopedia

3. Library of Economics and Liberty (

In fact, once you've read what Wikipedia and Investopedia have to say about GDP. go to the website for #3 above. Near the top of the page, you'll see a down-arrow with the words Full Site to the left. To the right of the down-arrow is a rectangular white space. Click in it, type GDP, and hit the [Enter] key.

You will see a series of answers, each with a score. The answers are listed in declining order based on score. Kindly note that the first entry has a score of 100. That's what you want to make on your tests, right? Well, click, first, on the phrase Show Paragraphs in the Comments column, and start reading. Once you're done there, you can hit the 'back-arrow' near the top of your browser. That will take you back to the first page of answers.

You can then click on Gross Domestic Product for a much more technical discussion that includes insights about 'NIA' (national income accounting). If that's more than you want to know, I understand. But I wanted to point it out to you.

What I've done here, Albert, is teach you how to use Google to answer your own questions. For a more detailed series of tutorials about how to use Google, click here.

I hope this is helpful. Please let me know, sir.


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Warren D. Miller, CFA, CPA, ASA


My expertise in economics is limited to three sub-disciplines: Austrian economics, industrial organization, and evolutionary economics. Questions dealing with macroeconomics and other sub-disciplines of the subject should be submitted to those who have the appropriate expertise. N.B.: I DO NOT ANSWER QUESTIONS MARKED 'PRIVATE' because I believe that knowledge should not be hoarded. I also believe that such questions are likely to come those trying to cheat. Also, as one who was a full-time academic for half a decade, I can recognize test/homework questions several time zones away. Do not demean yourself by submitting such questions to me. Those who do so are cheating; I WILL call you out publicly. I have a zero-tolerance policy for cheating and dishonesty. In addition, please don't emulate the businessman who posted a request for help in August 2008. He expressly denied that he was seeking "investment advice" and said that his query was for, and I quote, "educational and informational purposes." Later, he allowed as how his questions related to the possible purchase of a $500K piece of equipment. I said I thought he had misrepresented himself. Bottom line: high-end business consulting is how I make my living. I am the sole support for my family. Please respect that fact and don't try to get for free what our clients pay for. If your company is big enough to have a sophisticated problem, it can afford to pay for the expert advice we and others provide. Beckmill Research, LLC, is a 95-octane firm. We're small, but we've been at this for nearly 20 years. We know what we're doing. Segue: Early on, some asked me for career advice; I gave it. I now get many such requests. The demand for a valuable good that is free is unlimited, so I now charge for that advice. Email me: Finally, PLEASE DO NOT ASK FOR INVESTMENT ADVICE. I am not licensed to provide such advice. If you want such counsel, talk to your financial planner or other financial adviser.


I work with Austrian economics (which differs in major respects from the traditional economics), industrial organization (which is about industry structure, conduct, and performance), and evolutionary economics (almost, but not quite, the economic analog of its biological counterpart) every day in my work. I appraise closely-held businesses, provide exit-planning services, and offer high-level strategic analysis, advice, and solutions to CEOs and owners of mid-sized businesses. Understanding, applying, and writing about these disciplines is an essential part of how I have made my living since 1993.

CFA Institute, Strategic Management Society, American Society of Appraisers, Academy of Management, Culver Legion, National Association of Scholars.

CFA Magazine, Strategic Finance, Valuation Strategies, Journal of Advanced Property Economics, Harvard Business Review, American Fly Fisher, CFA Digest, CPA Expert, Business Valuation Review, among others

Chartered Financial Analyst designation (2006); Accredited Senior Appraiser in Business Valuation (2006); Certified Public Accountant (1992); MBA - Oklahoma State University (1991); Completed all of my Ph.D. coursework in strategic management - Oklahoma State University (1983-87); BBA in finance and accounting - U. of Oklahoma (1975)

Awards and Honors
Business Valuation Volunteer of the Year (2001) - American Institute of CPAs; Winner - Oklahoma Humorous-Speaking Contest - Toastmasters International (1971)

Past/Present Clients
Names are confidential. However, the "sweet spot" of our target market is companies that are too big to be small and too small to be big. Usually, those are companies with employees in the 15-to-100 range. At the low end of that range is where companies can first take advantage of the specialization of labor. However, having everyone do everything is a tough habit for many--most, I would argue--small enterprises. That is why they not only remain small, but also fail to survive beyond a second generation. Only 5% (one in twenty) companies make it to the third generation of ownership.

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