who has the biggest gdp in the world
List of countries by GDP (nominal) The United States is the world's largest economy with a GDP of approximately $18.56 trillion, notably due to high average incomes, a large population,[7] capital investment, moderate unemployment,[8] high consumer spending,[9] a relatively young population,[10] and technological innovation.[11] Tuvalu is the world's smallest national economy with a GDP of about $32 million because of its very small population, a lack of natural resources, reliance on foreign aid, negligible capital investment, demographic problems, and low average incomes.[12]
Economics Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively) low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product or by design.[37] Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the increased income levels that trade may facilitate.[38]
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