Economics class notes
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apr18-gdp.md 451B

April 18 - Gross Domestic Product

A nation’s gross domestic product (GDP) is the total dollar value of all final goods and services produced within the country’s borders in a given year.

  • Dollar Value

    • The dollar price is the measurement, not quantity
  • Goods and Services

    • GDP includes both tangible goods and intanigble services
  • Final Products

    • not products that become parts of other products
  • within a given year