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Explain What is Meant By GDP and How it is Measured
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- Words:
- 1072
- Submitted:
- Thu Jul 11 2002
... Explain What is Meant By GDP and How it is Measured GDP stands for Gross Domestic Product, and it measures the value of output produced within the domestic boundaries of the United Kingdom. It includes the output of foreign owned firms that are located in the UK, following the high levels of foreign direct investment in the 1980's and the 1990's. There are three different methods of calculating GDP, and in theory these should all produce the same result, since by identity national output = national income = national expenditure. This can also be shown in the following way: they should all give the same totals as they all measure the flow of income in the economy - i.e. the circular flow of income: The above diagram shows this circular flow of income in a simplified model of the economy. The value of output is equal to the incomes which it generates
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