Q4
4. Define GDP
Dear Student
Gross domestic product(GDP) is themarket valueof all officially recognized final goods and services produced within a country in a given period of time. GDPper capitais often considered an indicator of a country'sstandard of living.GDP per capita is not a measure of personal income.Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita. So, Gross Domestic Product( GDP ) is the sum of all the final good produced in that time period.
Regards
Gross domestic product(GDP) is themarket valueof all officially recognized final goods and services produced within a country in a given period of time. GDPper capitais often considered an indicator of a country'sstandard of living.GDP per capita is not a measure of personal income.Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita. So, Gross Domestic Product( GDP ) is the sum of all the final good produced in that time period.
Regards