This chapter discusses the concept of Gross Domestic Product (GDP), which is the measure of the total amount of output within the geographic boundaries of an economy in a given period of time, typically a year. GDP is used to get a sense of the level of productivity of the economy as well as to comparatively measure the living standards in a country. It can be measured in what is called “national income” in three different methods: output produced by different sectors of the economy, income, and use of the output of the economy in a given year, for example final consumption or future production.

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