Gross Domestic Product (GDP)

GDP or the Gross Domestic Product of a country is one of the basic tools used to measure how well an economy is performing. It is the measure of the value or worth of the goods and services that have been produced in an economy over a set time period. It may also be classified as the size of any country's economy and can provide as a helpful tool when measuring or conducting a comparative analysis about whether the country's economy has done better or worse than the previous years. Usually the GDP is calculated on an annual basis and then cross compared with the previous years to assess how well the year has been and whether the economy has grown in any way. There are two basic methods that economists use to determine the GDP, which are the income method which is determined by summing...
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