September 28
Post1:

GDP

1) Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living GDP per capita is not a measure of personal income (See Standard of living and GDP). Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita (See Gross domestic income).

GDP is related to national accounts, a subject in macroeconomics. GDP is not to be confused with Gross National Product (GNP) which allocates production based on ownership.

2) GDP was first developed by Simon Kuznets for a US Congress report in 1934^] who immediately said not to use it as a measure for welfare (see below under limitations). After the Bretton Woods conference in 1944, GDP became the main tool for measuring the country's economy.

3) GDP = private consumption + gross investment + government spending + (exports −imports)

                           OR