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What is GDP? Distinguish between real GDP and nominal GDP. What are the three ways of measuring GDP?
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1 (a) What is GDP? Distinguish between real GDP and nominal GDP. What are the three ways of measuring GDP? Gross domestic product or , or GDP, is the value of all final goods and services produced in the economy in a year. Final goods and services are goods and services are goods and services that are bought by their final user and not used as inputs in the production of other goods and services. the key thing to note is that GDP does not include all the goods and services- called intermediate goods and services - that businesses buy from each other to use in producing what they eventually sell to final users. To measure GDP, we add together the value of final goods and services produced. So we measure GDP in dollars. As a result, GDP is a mixture of real quantities- the amounts of final goods and services produced- and...
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