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The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's economic performance, is the market value of all final
- The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's economic performance, is the market value of all final goods and services made within the borders of a nation in a year.
Briefly describe why it's so important. What is a limitation of using GDP to measure the standard of living?
Please provide references. TNX
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Microeconomics
Authors: Jeffrey M. Perloff
8th edition
134519531, 978-0134519531
