CECN 603 Session 1
Topics: GDP and Economic Wellbeing Readings: ABCK Ch 2, PB
Ch 20
Gross Domestic Product
GDP Defined
•GDP or gross domestic product is the market value of
all final goods and services produced
in a country in a
given time period.
•This definition has four parts:
▪Marketvalue
▪Finalgoodsandservices
▪Produc
edwithinacountry ▪Inagiventimeperiod
Market Value
•GDP is a market value—goods and services are
valued at their market prices.
•To add apples and oranges, computers and
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