S E25: Gross Domestic Product - Adding Up Everything We Do
Think Like An Economist
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What's the Definition of Gdp?
G d p is the market value of all final goods and services produced within an economy a year. It counts everything that's produced, from computers to teachers' wages. But it doesn't count components such as hard drives or memory chips used in production. This means we're not counting second hand cars because they already exist.
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