hello guys,
1. I would like to know what is the purpose of GDP in a given country?
2. How does it help the the community ? i mean that GDP.
Answers
Answer:
1. GDP is primarily used to gauge the health of a country's economy. It is the monetary value of all the finished goods and services produced within a country's borders in a specific time period and includes anything produced by the country's citizens and foreigners within its borders.
2.GDP serves as a gauge of our economy's overall size and health. GDP measures the total market value (gross) of all U.S. (domestic) goods and services produced (product) in a given year. It also tells us how the U.S. is performing relative to other economies around the world.
HOPE IT'S HELPFUL
Plz mark as BRAINLIEST.
Answer:
Gross Domestic Product (GDP) is one of the most widely used measures of an economy’s output or production. It is defined as the total value of goods and services produced within a country’s borders in a specific time period — monthly, quarterly or annually. GDP is an accurate indicator of the size of an economy and the GDP growth rate is probably the single best indicator of economic growth while GDP per capita has a close correlation with the trend in living standards over time.