Gross Domestic Product
Gross Domestic Product
The usual measure for production in an economy is called Gross Domestic Product or GDP.
This is a measurement of the production of goods and services at the final market price to consumers in a given time period. This is the measure of all the country’s output in a given time period.
GDP is an important indictor of an economy’s health. The rate of increase/ decrease in GDP over time shows the stage the country is at the business cycle.
