what is Gross Domestic Product?

2 ⤊

what is Gross Domestic Product?

2007-02-04 13:54:40 · 3 answers · asked by Anonymous in Social Science ➔ Economics

3 answers

Gross Domestic Product is

1. The total market value ....
2. of all goods and services ....
3. produced....
4. in a given country....
5. during a given period of time (quarter or year).

Each part of this definition is very important to understanding what is GDP and what is not.

2007-02-04 14:01:40 · answer #1 · answered by Allan 6 · 2⤊ 1⤋

GDP is usually measured per quarter or per year.

It's the total of all tangible goods and services produced in that specific country.

2007-02-04 22:09:24 · answer #2 · answered by ? 5 · 0⤊ 0⤋

Don't know who'd give Allan a thumbs down, that was a clear, well organized definition of GDP.

2007-02-04 23:18:13 · answer #3 · answered by KevinStud99 6 · 0⤊ 0⤋