Gross Domestic Product (GDP)
The market value of all final goods and services produced in an economy over a period of time (usually a year), regardless of who owns the factors of production.
In turn, the GDP is:
As we saw in the previous section, the expenditure approach calculates the total spending on final goods and services produced in an economy over a time period.
The nation spending (and hence the GDP) is calculated by breaking it down into 4 different components:
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