Question

What does GDP mean? And is it important for measuring growth of a country?

Answer 1

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$\bf{\underline\red{gross-domestic-product}}$

• ɢʀᴏss ᴅᴏᴍᴇsᴛɪᴄ ᴘʀᴏᴅᴜᴄᴛ ᴛʀᴀᴄᴋs ᴛʜᴇ ʜᴇᴀʟᴛʜ ᴏғ ᴀ ᴄᴏᴜɴᴛʀʏ's ᴇᴄᴏɴᴏᴍʏ. ɪᴛ ʀᴇᴘʀᴇsᴇɴᴛs ᴛʜᴇ ᴠᴀʟᴜᴇ ᴏғ ᴀʟʟ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴘʀᴏᴅᴜᴄᴇᴅ ᴏᴠᴇʀ ᴀ sᴘᴇᴄɪғɪᴄ ᴛɪᴍᴇ ᴘᴇʀɪᴏᴅ ᴡɪᴛʜɪɴ ᴀ ᴄᴏᴜɴᴛʀʏ's ʙᴏʀᴅᴇʀs. ᴇᴄᴏɴᴏᴍɪsᴛs ᴄᴀɴ ᴜsᴇ ɢᴅᴘ ᴛᴏ ᴅᴇᴛᴇʀᴍɪɴᴇ ᴡʜᴇᴛʜᴇʀ ᴀɴ ᴇᴄᴏɴᴏᴍʏ ɪs ɢʀᴏᴡɪɴɢ ᴏʀ ᴇxᴘᴇʀɪᴇɴᴄɪɴɢ ᴀ ʀᴇᴄᴇssɪᴏɴ.

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Answer 2

Answer:

Gross domestic product

Gross domestic product tracks the health of a country's economy. It represents the value of all goods and services produced over a specific time period within a country's borders. Economists can use GDP to determine whether an economy is growing or experiencing a recession.

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