Briefly describe the term gross domestic product?

Question: Briefly describe the term gross domestic product?

Gross domestic product (GDP) is a measure of the total value of goods and services produced within a country's borders during a given period of time, usually a year or a quarter. It is one of the most widely used indicators of economic activity and well-being. GDP can be calculated in three ways: by adding up the income earned by all the factors of production in the economy, by adding up the expenditure made by all the agents in the economy, or by adding up the value added by all the industries in the economy. GDP does not include the value of goods and services produced outside the country's borders, nor does it account for some aspects of social and environmental welfare.

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