GAAP (generally accepted accounting principles),
and ERA (earned run average), respectively, need no explanation.
To someone unfamiliar with these fields, however,
without an explanation these acronyms are a stumbling block
to a better understanding of the subject at hand.Economics
is no different. Economists use many acronyms.
One of the most common is GDP, which stands for
gross domestic product. It is often cited in newspapers, on
the television news, and in reports by governments, central
banks, and the business community. It has become widely
used as a reference point for the health of national and global
economies. When GDP is growing, especially if inflation is
not a problem, workers and businesses are generally better
off than when it is not.
GAAP (generally accepted accounting principles),and ERA (earned run average), respectively, need no explanation.To someone unfamiliar with these fields, however,without an explanation these acronyms are a stumbling blockto a better understanding of the subject at hand.Economicsis no different. Economists use many acronyms.One of the most common is GDP, which stands forgross domestic product. It is often cited in newspapers, onthe television news, and in reports by governments, centralbanks, and the business community. It has become widelyused as a reference point for the health of national and globaleconomies. When GDP is growing, especially if inflation isnot a problem, workers and businesses are generally betteroff than when it is not.
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