What is Gross Domestic Product?


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What is Gross Domestic Product?
asked Jan 21, 2013 in Economics Questions by veshnavi Moderator (1,837,000 points)
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It is the market value of all final goods and services made within the border of a country in a year.
answered Jan 21, 2013 by Raj Kumar Moderator (946,000 points)
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Gross Domestic Product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total value of all goods and services produced over a specific time period; you can think of it as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP is up 3%, this is thought to mean that the economy has grown by 3% over the last year.
answered Oct 7 by admin Moderator (156,800 points)

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