One way to measure economic growth is by using GDP, which stands for .
Answers
GDP stands for Gross Domestic Production.
GDP is one of the way to measure the economic growth of a country. Gross Domestic Production is the total value of all finished goods and services produced within a country over a period of time. It excluded the income earned by nationals in foreign countries but includes income earned by foreign nationals within the country.
GDP stand for Growth Domestic Production which can measure economic growth rate.
Explanation:
Economic growth is percentage increase in the economy of the country in given time. Economic growth can be measured in different ways. GDP is the abbreviation of Gross Domestic Production. It means Total value of the goods produced in the country in stipulated time.
GDP can be measured at different level such as national level, regional level, municipal level etc. GDP comprises of income earned by foreign owned business in the nation but it does not comprise of income earned by nationals in foreign countries.