explain gross domestic product with an example
Answers
Answer:
GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. ... Output Method: This measures the monetary or market value of all the goods and services produced within the borders of the country.
Answer:
Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. ... Output Method: This measures the monetary or market value of all the goods and services produced within the borders of the country.
Explanation:
Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.
Examples: Include machinery, unsold products, and housing. Government spending, G, is the sum of expenditures by all government bodies on goods and services.
Examples: include naval ships and salaries to government employees.