What is GDP?

Gross Domestic Product (GDP) is the total value of all final goods and services produced in a given economy over the course of a period of time.

Imagine an economy had a GDP of $100 in a given year.

That means that $100-worth of final goods and services were produced and sold over the course of that year.

This does not include intermediate goods and services purchased to create the final good or service.

It also does not include purchase of used goods!

ONLY final goods and services!

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