Gross Domestic Product (GDP) measures the total value of goods and services produced in a country from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
Gross Domestic Product (GDP) is a crucial measure in economics. It tells us the total value of goods and services produced within a country's borders over a given period of time. This means everything from cars and phones to haircuts and legal advice is taken into account when calculating GDP. The idea behind GDP is to give us a snapshot of how well an economy is performing. A higher GDP generally means a country is producing more goods and services, which can indicate a stronger economy. On the flip side, a lower GDP might suggest that an economy is not doing so well. There are different ways to calculate GDP, but ...
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