[Answer] What is gross domestic product and how is it a description of economic activity?

Answer: en-structures produce more GEP board.

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What is gross domestic product and how is it a description of economic activity? Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period . GDP provides an economic snapshot of a country used to estimate the size of an economy and growth rate. GDP can be calculated in three ways using expenditures production or incomes. Gross domestic product (GDP) total market value of the goods and services produced by a country’s economy during a specified period of time . It includes all final goods and services—that is those that are produced by the economic agents located in that country regardless of their ownership and that are not resold in any form. GDP can be determined in three ways all of which should theoretically give the same result. They are the production (or output or value added) approach the income approach or the speculated expenditure approach. The most direct of the three is the production approach which sums the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of the product … The Gross Domestic Product measures the value of economic activity within a country. Strictly defined GDP is the sum of the market values or prices of all final goods and services produced in an economy during a pe...

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