- published: 06 Jul 2015
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List or lists may refer to:
The List may refer to:
List of countries by GDP may refer to:
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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