Difference between revisions of "Calculate GDP"
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GDP stands for gross domestic product and is a measurement of all the goods and services a nation produces in a year. GDP is often used in economics to compare the economic output of countries. Economists calculate GDP using two main methods: the expenditure approach, which measures total spending and the income approach, which measures total income. The CIA World Factbook website provides all the data necessary to calculate GDP of every nation in the world. | GDP stands for gross domestic product and is a measurement of all the goods and services a nation produces in a year. GDP is often used in economics to compare the economic output of countries. Economists calculate GDP using two main methods: the expenditure approach, which measures total spending and the income approach, which measures total income. The CIA World Factbook website provides all the data necessary to calculate GDP of every nation in the world. | ||
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== Steps == | == Steps == | ||
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#**$8,000,000 = Real GDP | #**$8,000,000 = Real GDP | ||
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== Tips == | == Tips == | ||
