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Gross Domestic Product Market Value

The Gross Domestic Product or GDP is a measure of the total value of goods and services produced in a country over a year. It considers the market value of goods and services to arrive at a number used to judge a nation's economic growth and health. While useful, the GDP has flaws, leading some to propose alternate measures of economic and social well-being.

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49 views1 page

Gross Domestic Product Market Value

The Gross Domestic Product or GDP is a measure of the total value of goods and services produced in a country over a year. It considers the market value of goods and services to arrive at a number used to judge a nation's economic growth and health. While useful, the GDP has flaws, leading some to propose alternate measures of economic and social well-being.

Uploaded by

kiranaisha
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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The Gross Domestic Product or GDP is a measure of all of the services and goods produced in a country over a specific

period, classically a year. The GDP considers the market value of goods and services to arrive at a number which is used to judge the growth rate of the economy and the overall economic health of the nation concerned. As an economic measure, the GDP can be a very useful yardstick, but it has some serious flaws which have led some people to propose the use of alternate measures of economic and social well being. When a GDP is calculated, it includes all private and government spending, goods and services produced, and exports. The GDP is adjusted for imports and inflation to arrive at a number which is believed to accurately reflect the sum total of the nation's goods and services. The GDP can be expressed as a bulk number, but it is more commonly converted into a GDP per capita, creating a number which reflects the average per citizen. High per capita GDPs are associated with overall improvements in standards of living.

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