GDP: Gross Domestic Product

Gross domestic product (GDP) measures the total market value of all final goods and services produced within the economy during a given time.

The output or income definition can be used to determine the GDP. Let’s go over the output and income of GDP.

The output of GDP is the combined value of all the goods & services that have been produced in an economy during a given period.

The income of GDP measures the total income earned by all households, companies, and the government within the economy over a given period. That can include…