Gross domestic product (GDP) refers to the market value of all officially recognized final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living; GDP per capita is not a measure of personal income. See Standard of living and GDP. Under economic theory, GDP per capita exactly equals the gross domestic income (GDI) per capita. See Gross domestic income.
It is not to be confused with Gross National Product (GNP) which allocates production based on ownership. Gross domestic product is related to national accounts, a subject in macroeconomics.
GDP was first developed by Simon Kuznets for a US Congress report in 1934, who immediately said not to use it as a measure for welfare (see below under limitations). After the Bretton Woods conference in 1944, GDP became the main tool for measuring the country's economy.
G.D.P can be determined in three ways, all of which should, in principle, give the same result. They are the product (or output) approach, the income approach, and the expenditure approach.
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What is GDP (Gross Domestic Product)?
Macro Unit 2.1- GDP and Economic Growth
(Macro) Episode 20: GDP
Components of GDP
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Succumb
PT's IAS Academy - Sample Lecture 2 - Indian Economy (GDP & GNP calculation)
Gross Domestic Product – The Economic Lowdown Video Series
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We are born to earn, they are waiting us to serve
We will be part of the machines raising the GDP
LEader ruling our world are unable to learn
Social health, eating wellbeing to death
Insane leaders, insane rules
Invented system in the government
Slavery is pushed down our throats
Approved lies
Lies!
Living up to the social rule book, it gives your life away
Join this army of fools, retire in misery
Rules by our leaders (are) fed to us since we were born
This system is the only accepted way to live until we die
We are born to learn how to earn, they are waiting us to serve
We will be part of the machine raising the GDP
Leaders ruling our world are unable to learn
Social health, eating wellbeing to death
Insane leaders, insane rules
Invented system in the government
Slavery is pushed down our throats
Approved lies
Invented rules, invented leaders
Are fed to our minds Since we were born
Until we die
Until we choke
Rules are being pushed