Answer to Question #144071 in Macroeconomics for sij

Question

define Gross domestic product

Answer 1

The term GDP is used when assessing the economic state of the market at the global level or a single state. The concept appeared in 1934, the American economist Simon Smith suggested using it. The value of GDP is reflected in national or foreign currency, depending on the purpose for which it is determined.

This indicator reflects the commercial value of the total volume of goods manufactured and services rendered per year. All sectors of the economy are taken into account, including export ones, associated with the consumption and accumulation of commodity and material values.