Gross Domestic Product Accounting, Finance, SPSS Term Paper (Term Paper Sample)

Gross Domestic Product
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Gross Domestic Product
A country’s gross domestic product (GDP) entails the monetary measure of its total output within a specified period, often yearly. GDP does not consider who produced the goods and services; rather, it sums up every product and service within a nation’s borders. It avoids double counting by dealing with the final value of the commodities only. The components involved in the calculation of GDP include the summation of personal consumption expenditures, government spending, business investments, and exports minus the total products imported. GDP helps economists to deduce the size of a given economy. Different economies use varied ways to measure their total product value. In the U.S., the Bureau of Economic Analysis (BEA) is responsible for estimating the country’s GDP. This article focuses on calculating gross domestic product using expenditure and income approaches.