What is GDP?

Question

What is GDP?

Accepted Answer

GDP stands for Gross Domestic Product. It is a measure of the total value of goods and services produced within a country in a specific time period.

GDP is used to assess the economic health and growth of a country.
It includes the value of all final goods and services produced within the country's borders.
GDP can be calculated using the expenditure approach, income approach, or production approach.
It is often used to compare the economic performance of different countries.
GDP per capita is a measure of average income and standard of living.
For example, the GDP of the United States in 2020 was approximately $21.43 trillion.

Accepted Answer

The GDP is the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them, the so called intermediate consumption.

What is GDP?

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