GDP or Gross Domestic Product

GDP or Gross Domestic Product GDP or Gross domestic product refers to total market value of all the final goods and services produced in an economy in a given period of time. For India, this time period is from 1st April to 31st March. This means it measures the value of final goods and services produced within a geographic boundary regardless of the nationality of the individual or firm. For instance, cars manufactured in India by Japanese company will be included in Indian GDP. Similarly, the Jaguar cars manufactured in UK by Tata will not be counted in India’s GDP. It refers to only final output of such goods and services. The rule that only finished or final goods must be counted is necessary to avoid double or triple counting of raw materials, intermediate products, and final products. For example, the value of automobiles already includes the value of the steel, glass, rubber, and other components that have been used to make them. To be precise, we define the following: a) Final Output: Goods and Services purchased for final use. b) Intermediate Goods/Factors of Production/Raw Materials: Products used as input in the production of some other product. There are two ways to take into account double counting: i. Calculate only the value of the final product. ii. Calculate the value added at each stage of production, from the beginning of the process to the end. Specifically, it is derived by subtracting the value of the intermediate good from the value of the sale.

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Linear Regression- Details

Linear Regression: Linear regression is a statistical regression method which is used for predictive analysis. It is one of the very simple and easy algorithms which works on regression and shows the relationship between the continuous variables. It is used for solving the regression problem in machine learning. Linear regression shows the linear relationship between the independent variable (X-axis) and the dependent variable (Y-axis), hence called linear regression. If there is only one input variable (x), then such linear regression is called simple linear regression . And if there is more than one input variable, then such linear regression is called multiple linear regression . The relationship between variables in the linear regression model can be explained using the below image. Here we are predicting the salary of an employee on the basis of the year of experience . Below is the mathematical equation for Linear regression: Y= aX+b Here,...

Daily GK Update:3rd September 2016

1. India and Vietnam sign 12 agreements to boost bilateral ties India and Vietnam have signed 12 agreements for cooperation in areas like defence, IT, space, double taxation and sharing white shipping information, signaling a strong upward push in their strategic ties. The agreements were signed by the two sides officials in presence of PM Narendra Modi and his Vietnamese counterpart Nguyen Xuan Phuc . India will provide $500 million credit line for Vietnam for defence cooperation. India also offered a grant of $5 million to set up a software park in Vietnam. Modi is the fourth Indian Prime Minister to visit Vietnam during the past about 50 years. National & International Appointment 2. Dr. K K Aggarwal elected National President of IMA Cardiologist Dr.K K Aggarwal has been elected as the National President of the I...

🔰STORY OF THE DAY🔰

🔰The Poor Man’s Wealth🔰 Ramchand and Premchand were neighbors. Ramchand was a poor farmer. Premchand was a landlord. Ramchand used to be very relaxed and happy. He never bothered to close the doors and windows of his house at night. He had deep sound sleeps. Although he had no money he was peaceful. Premchand used to be very tense always. He was very keen to close the doors and windows of his house at night. He could not sleep well. He was always bothered that someone might break open his safes and steal away his money. He envied the peaceful Ramchand. One day, Premchand call Ramchand and gave him a boxful of cash saying, “Look my dear friend. I am blessed with plenty of wealth. I find you in poverty. So, take this cash and live in prosperity.” Ramchand was overwhelmingly happy. He was joyful throughout the day. Night came. Ramchand went to bed as usual. But, to-day, he could not sleep. He went and closed the doors and windows. He still could not ...

Nobel Prize Winners 2014 Announced list

Awards and Honours Indian American Thomas Won US National Medal of Science Thomas Kailath, a Pune educated Indian-American engineering professor at Stanford University, is one of the recipients of the US National Medal of Science announced by President Barack Obama on 3 October. Nobel Prize Winners 2014 Announced The Nobel Prize winners of 2014 in the different categories were announced in the month of October 2014. Nobel Prizes are announced by the Royal Swedish Academy of Sciences every year in the memory of Alfred Nobel.The categories were the Nobel Prize in Physiology or Medicine, the Nobel Prize in Physics, the Nobel Prize in Chemistry, The Sveriges Riksbank Prize in Economic Sciences, The Nobel Literature Prize and The Nobel Peace Prize. The Nobel Prize Winners of 2014 in the different categories were as follows:- * Physiology (or) Medicine :- U.S.-British scientist John O’Keefe and Norwegian couple May-Britt Moser, Edvard Moser won the 2014 Nobel Prize ...

India & Russia Relation

1. India expects Russia to be more involved in the Indo-Pacific and to look to its own interests in the region. 2. This will create a mutual basis for cooperation and dialogue. 3. Investments in Vietnam’s oil and gas sector is seen as one of the areas of cooperation as both India and Russia have planned to invest in this sector. 4. India also sees Russia as a very important Pacific power 5. Russia has an interest in the Indian Ocean and India has an interest in the Pacific Ocean. 6. As, Indo-Pacific is seen as a geographic continuum for cooperation and for certain principles, India wants Indo-Pacific region to be free and fair for everyone. 7. Russia views its engagement would create new divisions especially with respect to containment of China. 8. On the other hand, India neither views it as containment nor non-containment but as a positive construct that brings together countries on the basis of certain principles. South China sea 1. A stable Indo-Pacific assumes particular impo...

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