Gross Domestic Products

.Gross Domestic Products  this is the widely used measure of economic performance throughout the world. It is the total market or money value of all final goods and services produced in an economy over a period of one year.

It is the total market or money value of all final goods and services produced by a nation¶s residents. no matter where they are located. .

3 important points: That it is measured in market or money value It only counts new domestic production It only includes final goods and services. .

Approaches in Measuring GDP .

The Expenditure Approach GDP = C + I + G + ( X ± M) .

Kind and Quality of Products ‡ Neglect of Leisure Time .‡ Nonmarket transactions ‡ Distribution.

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