GDP Flashcards
(5 cards)
1
Q
What does GDP stand for?
A
Gross Domestic Production
2
Q
Understanding GDP (Gross)
A
Total or overall, meaning it includes everything produced before deductions
3
Q
Understanding GDP (Domestic)
A
Within a country’s borders, meaning it measures production inside a specific nation.
4
Q
Understanding GDP (Product)
A
Goods and services that are produced and sold in the economy.
5
Q
What is it GDP?
A
Gross Domestic Product (GDP) is the total value of all goods and services before subtracting depreciation or costs.
