1. What does gross domestic product measure?
2. Which situation is included in a country's GDP?
3. Which expression represents the expenditure decomposition of GDP?
What is gross domestic product (GDP)?
The market value of all final goods and services produced within a country in a given period.
What does GDP count regarding final and intermediary goods?
GDP counts final goods and services but counts intermediary goods only once.
Who can carry out domestic production counted in GDP?
Domestic production may be carried out by nationals or foreigners in firms owned by nationals or foreigners.
What is the formula decomposing GDP?
GDP is decomposed as .
What does consumption include?
Household spending on goods and services except purchases of new housing.
What is investment in GDP terms?
Spending on capital equipment, inventories, structures, and household purchases of new housing.
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