ECO372 Week 2 Individual Fundamentals of Macroeconomics Paper 2

Question: #1439

Part 1: Describe the following terms in your word.

Gross domestic product (GDP): this is the total market value of all products/final goods and services produced by all the people and all the companies in an economy for the period of year.

Real GDP: The real GDP also called real growth domestic product, is the value of all goods and services produced by a country expressed in the prices of some base year???

Solution: #1421

ECO372 Week 2 Individual Fundamentals of Macroeconomics Paper 2

Part 1: Describe the following terms in your word.Gross domestic product (GDP): this is the total mar...