The gross domestic product (gdp) of a region or country includes the total value (in a given year) of all but profits from abroad.
What is gross domestic product ?
- Gross domestic product is a monetary measure of the market value of all final goods and services produced and sold by a country in a given period of time.
- Due to its complex and subjective nature, this indicator is often revised before being considered a reliable one.
- For example, if country B produces 5 bananas worth $1 and 5 buckloves worth $6 a year, the GDP is $35. Next year, if the price of bananas rises to $2 and production remains the same, country B's Gross domestic product will be $40.
- Gross domestic product = private consumption + private gross investment + government investment + government expenditure + (exports – imports) or can be expressed as an expression : GDP = C + I + G + (X – M) Gross domestic product is usually calculated by national statistical agencies according to international standards.
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