Explain Gross Domestic Product.

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Explain Gross Domestic Product. How do we calculate for the market value of a GDP? What does a GDP focus on?

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Ch 5- National Income: How can we measure how well an economy is doing?   Gross domestic product (GDP): the market value of all final goods and services produced within a country in a given period of time. It measures both the total income of a nation, and the total output of its goods and services.       Calculated with market value. When calculating GDP, we can't add up the      quantities of different goods (as they are incomparable), so GDP uses their       market value, to place everything on the same unit of analysis.       Includes all items produced and sold legally in the economy        o      Includes: stock goods- goods that are durable and will last longer           than the period of time, ex. Housing and cars, calculated a

Explain Gross Domestic Product.

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Introduction to Macroeconomics - - ECON 1002

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Explain Gross Domestic Product.

Explain Gross Domestic Product.

Other study guides from Introduction to Macroeconomics - - ECON 1002

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Discussion and review:

Other study guides from
Introduction to Macroeconomics - - ECON 1002