How does gross domestic product provide a means to analyze economic growth?
Gross Domestic Product:
Gross domestic product, or GDP, is the sum of consumption, investment, government spending, and net exports.
Answer and Explanation:
GDP tells you what consumers, businesses, the government, and foreign countries are spending during a given time period. If you measure GDP in 2019 and measure it again in 2020, the increase in GDP over the year is the growth of the economy.
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Learn more about this topic:
from Economics 102: MacroeconomicsChapter 4 / Lesson 3