Define GDP and Its Characteristics

question 30

Essay

Define GDP and its characteristics.

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Definitions:

Population Growth

The increase in the number of individuals in a population, often measured by the rate at which the number of individuals increases in a specific time period, usually expressed as a percentage.

Productivity

The measure of the efficiency of production, often calculated as the ratio of outputs produced to inputs used in the production process.

Capital Goods

Long-lasting goods that are used in the production of other goods or services and are not consumed in the process.

Economic Growth

A growth in the economy's output of goods and services over time, typically evaluated through the Gross Domestic Product (GDP).