nannas asked in Social ScienceEconomics · 1 decade ago

what GDP refers to ?

8 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    It refers to the Gross Domestic Product.

    This is basically how much income the economy (every single business and company) of a country makes over a period of usually a single a year.

    For example, if you buy a video game for £/$ 20, then £/$ 20 income (not profit) has been made by the shop you bought it from. Therefore in theory, £/$ 20 goes and contributes to the national GDP, and the measurement of the GDP increases by £/$ 20.

    In the space of a year, if the shop makes £2,000,000 from selling it's games, then it has increased the country's GDP by that amount. If the entire video games industry made £/$ 6 billion income between themselves then the GDP would be increased by £/$ 6 billion.

    The same applies to all the other many industries (i.e. car, music, phone, computer, furniture e.t.c.) in that country, and the income generated would all be added up to measure the total income (or in other words output) of the economy of that country, which would be the GDP.

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    This is a fairly basic explanation of what GDP is and there might be some more things you might have to look up about, but I hope it helped:).

  • 1 decade ago

    Gross Domestic Product: Total annual value of goods and services produced by a country.

    www.12-12-12.org/bookappi.htm

    or use this link: http://dictionary.reference.com/search?q=GDP&x=0&y...

  • Titan
    Lv 4
    1 decade ago

    it refers to the value of all final goods and services produced in an economy during a given fiscal year.

  • Anonymous
    1 decade ago

    George's Devastating Prophecies.

    Ooops. this is the Economics section. It must be Gross Domestic Product (not multiplication) :)

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  • 1 decade ago

    'Gross Domestic Product'

    In one word, total goods and services produced by a nation during one year excluding payments on foreign investments.

  • 1 decade ago

    Gross Domestic Product/ of a country

    It's output in $$ (or local currency)

  • bejay
    Lv 4
    1 decade ago

    Grossly deceitful politicians?

    Source(s): My distain for them
  • 1 decade ago

    Hmmm... Gross domestic product?

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