Difference between revisions of "Gross domestic product"
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| − | [[Gross domestic product]] (GDP) is | + | [[Gross domestic product]] (GDP) is the value of the output of all goods and services produced within a country. |
==Definition== | ==Definition== | ||
Latest revision as of 15:24, 2 July 2020
Gross domestic product (GDP) is the value of the output of all goods and services produced within a country.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Gross domestic product (GDP). The value of the output of all goods and services produced within a country.
According to Macroeconomics by Mankiw (7th edition),
- Gross domestic product (GDP). The total income earned domestically, including the income earned by foreign-owned factors of production; the total expenditure on domestically produced goods and services.
