define GDP and it's characteristics
Answers
Answer:
Gross Domestic Product (GDP) measures the overall health of a nation’s economy by calculating how many products/services it makes each year. As a result, it gives a good indication of how businesses are doing.
Explanation:
and it charasterstics are as follow
Gross Domestic Product (GDP) is characterised by 4 components: Consumption; Investment; Government Spending; and Net Exports. These all serve to create GDP as a measurement. Let us look at them in more detail below.
Answer:
GDP: gross domestic product
Gross Domestic Product (GDP) refers to the value of all the goods and service sold in the economy within a set time period. Two consecutive quarters of negative GDP growth are classified as an economic recession. There are four main components to GDP – Consumption, Investment, Government spending, and Net exports.