The market value of all final goods/services produced within a nations boundary over a period of time
To calculate rate of growth?
newest - oldest/oldest
measures all final goods produced in a given time period valued at the prices existing during the time period of production
The value of all final goods and services produced during any time period valued at prices existing in a base year
Exclusions to GDP calculations?
financial transactions (stocks, bonds, etc.)
personal income minus personal taxes
GDP deflator (inflation)
Two ways to calculate GDP
is the market value of all final goods and services produced by a nations residents no matter where they are located
Gross Domestic Product