WHAT IS GROSS DOMESTIC PRODUCT (GDP)

What is GDP?
Though GDP is typically calculated on an annual
basis, it is sometimes calculated on a quarterly basis
Gross domestic product as well.
(GDP) is the total GDP provides an economic snapshot of a country,
monetary or market used to estimate the size of an economy and growth
value of all the finished rate.

goods and services The GDP is the total of all value added created in an
produced within a economy. The value added means the value of
goods and services that have been produced minus
country's borders in a the value of the goods and services needed to
given time period produce them, the so called intermediate
consumption.




3 Ways to Compute GDP
EXPENDITURE METHOD - This measures the total amount that people spend on the
final goods and services (aggregate spending)

INCOME METHOD - This measures the total income that is earned by all workers and
businesses that produced goods and services (aggregate income)

PRODUCT METHOD - This measures the total of all the goods and services as they are
produced (aggregate production)