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    Gross Domestic Product

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    Can someone help me understand GDP a little better?

    What does GDP per person mean does it measure the total well being of an economy? Is there anything that lawmakers can do to increase the well being of a country?

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    Solution Preview

    GDP stands for Gross Domestic Product and it is defined to be the market value of all final goods and services produced in an economic region (usually a country) in a given time period (usually a year). In more basic terms it measures the value of all goods and services produced in the country, or the total wealth generated in the country in a given year.

    GDP per person is just the average amount of the total output that is available to an average person in the economy. For example, the US ...

    Solution Summary

    This solution helps explore the concept of GDP per person in terms of economics.