Aug 04, 2017

What is Gross Domestic Product, and why is it important for national economies?

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 Gross Domestic Product

INSTRUCTIONS:
SHORT ANSWER (200 words or less): What is Gross Domestic Product, and why is it important for national economies? ** if possible use source from ECON Macro by Willaim A. McEachern (available online via cengage learning)**
CONTENT:
What is Gross Domestic Product, and why is it important for national economies?Gross Domestic Product or GDP is defined by the International Monetary Fund (IMF) as the measure of “the monetary value of final goods and services produced in a country in a given period of time” ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "URL" : "http://www.imf.org/external/pubs/ft/fandd/basics/gdp.htm", "accessed" : { "date-parts" : [ [ "2013", "2", "25" ] ] }, "author" : [ { "family" : "Callen", "given" : "Tim" } ], "container-title" : "International Monetary Fund", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2012" ] ] }, "title" : "Gross Domestic Product: An Economyu2019s All", "type" : "webpage" }, "uris" : [ "http://www.mendeley.com/documents/?uuid=a0aed623-ea4f-44f5-a7f7-6b844dc17675" ] } ], "mendeley" : { "previouslyFormattedCitation" : "(Callen, 2012)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(Callen, 2012). Unlike the Gross National Product (GNP),...

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