What is the definition of gdp in simple terms

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GDP stands for Gross Domestic Product and is a measure of the economic output of a country. In simple terms, GDP is the total value of all goods and services produced within a country in a given period of time. It is used to measure the size of an economy and to compare the economic performance of different countries.

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GDP is calculated by adding up the value of all the goods and services produced within a country’s borders. This includes both public and private sector production. It is measured in terms of the market value of all final goods and services produced within the country in a given period of time. This means that it does not include intermediate goods, which are goods and services used to produce other goods and services.

GDP is an important measure of economic performance. It is used to compare the relative economic performance of different countries, and to track changes in a country’s economic performance over time. It is also used to compare the relative economic performance of different sectors of a country’s economy, such as manufacturing or services. GDP can also be used to measure the overall economic health of a country.

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