GROSS DOMESTIC PRODUCT Flashcards by Adem Toowavvy | Brainscape

Q

what is gdp

A

Gdp is total production of goods and services in an economy

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Q

how to calculate gdp

A

c(consumption) + investments
+ government spending + net exports

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Q

limitations of Gdp

A

limitations include: doesnt display quality of living, living standards, does not measure well being, healthcare, education and happiness are not included in gdp

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Q

strengths of gdp

A

strengths include: provides standardised and comparable way to measure total economic output of an economy

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Q

strengths of gdp

A

strengths include: provides standardalised

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