Difference between revisions of "Gross domestic product"
Line 1: | Line 1: | ||
− | [[Gross domestic product]] (GDP) | + | [[Gross domestic product]] (GDP) is The value of the output of all goods and services produced within a country. |
==Definition== | ==Definition== |
Revision as of 15:23, 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.