What does GDP stand for?

GDP stands for Gross Domestic Product. It is a widely used indicator to measure the economic health and overall productivity of a country. GDP represents the total value of all goods and services produced within a country's borders during a specific time period, typically a year. It includes all sectors of the economy and measures both the consumption and investment activities, government spending, and net exports. GDP is an essential tool for policymakers, as it helps analyze the growth and performance of an economy, make comparisons between different countries, and formulate effective economic strategies.

This mind map was published on 10 November 2023 and has been viewed 153 times.