The GDP measures a country's economic output from "summary" of The Economics Book by DK
Gross Domestic Product (GDP) is a key indicator used to measure a country's economic performance. It represents the total value of all goods and services produced within a country's borders over a specific time period, usually a year. GDP is often referred to as the "size of the economy" because it provides a comprehensive snapshot of a nation's economic output.
By calculating GDP, economists and policymakers can assess the overall health of an economy and track its growth over time. A rising GDP indicates economic expansion, while a declining GDP may signal a recession or economic downturn. GDP is a crucial tool for monitoring and evaluating the effectiveness of economic policies and initiatives.
There are three primary ways to calculate GDP: the production approach, the income approach, and the expenditure approach. The production approach measures GDP by adding up the value of all goods and services produced in the economy. The income approach calculates GDP by summing up all incomes earned through the production of goods and services. The expenditure approach determines GDP by tallying up all expendit...
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