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What is 'Gross Domestic Product - GDP'. Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.
Some individuals will have an income of 25.000 dollars a year, and others 50.000. Intervals variables are very usefull to compare the size of social inequalities. Another examples of interval variables would be: gross domestic product, number of siblings or the number of years studied. But, in sociology, due to the nature of its object of study, it is more common to use categorical variables, and then recoded it into a quantitative variable. Views.