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Gross Domestic Product (GDP) Definition   Calculation – Expenditure and income approaches   Final goods versus intermediate goods   Are used goods counted in...

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Economics

Gross Domestic Product (GDP)

  • Definition

  •   Calculation – Expenditure and incomeapproaches

  •   Final goods versus intermediategoods

  •   Are used goods counted in GDP?

  •   Are stocks and bonds (financial assets)counted in GDP?

  •   How are inventories treated inGDP?

  •   Calculation of real GDP & currentGDP

  •   Definition of the standard ofliving

  •    Limitations of GDP per person as ameasure of the standard of living – e.g., is household productionincluded in GDP? What about underground economic activity? Whatabout leisure and environmental quality?

Answer & Explanation Solved by verified expert
3.9 Ratings (651 Votes)
Definition Gross Domestic Product or GDP is defined as the market value of all goods and services which are produced in a country within a specific time period It is rapidly used across the globe as a measure of the amount of success in a country respectively Calculation The two most popular methods of calculating GDP are the Income approach and the Expenditure approach the calculation of the same is as explained Expenditure Approach In the expenditure approach we take into account the sum of expenses done by everyone in the country The areas where this is focussed is Consumer Spending Business Investments    See Answer
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