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Gross Domestic product per Capita 22 Feb Gross domestic product (GDP) (see also gross domestic income) refers to the market value of all goods and services produced within a country in a given period. It is often considered an indicator of a country's standard of living.[1].[2] Gross domestic product is related to national accounts, a subject in macroeconomics. GDP can be determinedâ¦
Okay, it's time to review. Gross domestic product, or GDP, is the total market value of goods and services produced within the domestic borders of a nation during the year. Nominal gross domestic product, or nominal GDP, is the total market value of goods and services produced, measured in current dollars. It represents 'current quantities at current prices.'. On the other hand, real gross domestic product, or real GDP, is the total market value of goods and services produced, measured in constant dollars.