Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 2, Problem 1RQ
To determine
Define
Expert Solution & Answer
Explanation of Solution
GDP refers to the sum all final goods and services produced in a country during a given period. The four basic components of GDP are consumption (C), investment (I), government purchases (G), and net export (NX). GDP can be calculated using the expenditure approach, income approach, and output approach.
Economics Concept Introduction
Gross domestic product (GDP): GDP refers to the sum all final goods and services produced in a country during a given period.
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