Explain GDP.........
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Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.
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Gross domestic product (GDP) is a monetarymeasure of the market value of all final goods and services produced in a period (quarterly or yearly). Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Nominal GDP per capita does not, however, reflect differences in the cost of living and theinflation rates of the countries; therefore using a basis of GDP at purchasing power parity (PPP) is arguably more useful when comparing differences in living standardsbetween nations.
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