GDP measures total income in an economy from "summary" of Principles of Macroeconomics by N. Gregory Mankiw
GDP, or gross domestic product, is a measure of the total income of everyone in the economy. It is the market value of all final goods and services produced within a country in a given period of time. In other words, GDP measures the value of the economy's output. This is an important concept because it helps us understand how well the economy is performing.
When we think about total income in the economy, we are really looking at the total amount of money that is being earned by the people who participate in the economy. This includes not only workers and business owners, but also individuals who receive income from investments, such as interest and dividends. By adding up all of these sources of income, we can get a sense of how much wealth is being generat...
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