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S E25: Gross Domestic Product - Adding Up Everything We Do
Think Like An Economist
Definition of GDP
G d p measures how much water we're adding to our mackroc bath. To measure this flow, we look at g d p over specific time periods like a year. G d p includes the market value of exports, but not imports. Inflation means that even if we don't change how many apples or oranges or other stuff we produce, real g d p might still rise. We've got an episode on inflation coming up in a few weeks.
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