what is GDP? give example of it.
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Gross Domestic Product, abbreviated as GDP, is the total value of goods and services produced in a country. GDP in economics: GDP is measured over specific time frames, such as a quarter or a year. GDP as an economic indicator is used worldwide to show the economic health of a country.
For example, let's say Country B only produces bananas and backrubs. Figure %: Goods and Services Produced in Country B In year 1 they produce 5 bananas that are worth $1 each and 5 backrubs that are worth $6 each.
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