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Jada House
History
12 January, 06:24
Why are economists concerned with GDP?
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Korbin Wise
12 January, 06:47
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Gross domestic product tracks the health of a country's economy. It represents the value of all goods and services produced over a specific time period within a country's borders.
Explanation:
Economists can use GDP to determine whether an economy is growing or experiencing a recession.
GDP measures the total market value (gross) of all U. S. (domestic) goods and services produced (product) in a given year. When compared with prior periods, GDP tells us whether the economy is expanding by producing more goods and services, or contracting due to less output.
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