What is GDP and how is it measured? | Chapter 1 - Macroeconomics
This chapter is the first in the Basic Macroeconomics course. Let's start with the measurement of GDP. It is important to know this concept because it is the most accurate that economists have at the moment to measure the size of a country's economy. Before answering the question: how is it measured, let's define. GDP is the Gross Domestic Product, which in other words, is the total value of the production of final goods and services of a country in a given period.
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Sources:
Mankiw, G. (2011). Principles of economics. Mason: Cengage Learning.
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