What are the elements that make up GDP? Please define at least one component.
Added by Joaquin B.
Step 1
GDP is a monetary measure of the market value of all final goods and services produced in a specific time period within a country's borders. Step 2: Identify the components of GDP. GDP is typically composed of four main elements: Show more…
Show all steps
Your feedback will help us improve your experience
Kaylee Mcclellan and 57 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
What are the four components of GDP?
Economic Indicators and Measurements
Gross Domestic Product and Other Indicators
Shalini T.
What are the main components of measuring GDP with what is produced?
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD