The whole amount of money made through contributing resources to the gross domestic product (GDP) is referred to as national income.
Describe Gross Domestic Product (GDP).
- The monetary worth of all completed goods and services produced in a nation over a certain time period is known as the gross domestic product (GDP).
- A country's economy's size and growth rate can be estimated using its estimated GDP.
- GDP can be calculated in three distinct ways: utilizing expenditures, production, or income. In order to provide more specific information, it can be modified for inflation and population increase.
- Real GDP accounts for the consequences of inflation, unlike nominal GDP.
- GDP is a crucial instrument for aiding companies, investors, and politicians in making strategic decisions, despite its limitations.
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