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Gross Domestic Product and Importance for National Economies

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What is Gross Domestic Product, and why is it important for national economies?

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SHORT ANSWER: What is Gross Domestic Product, and why is it important for national economies?

As per investopedia, "GDP represents the total dollar value of all goods and services produced over a specific time period." As per investorwords.com, GDP is the "total market value of all ...

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Gross Domestic Product is investigated.

What is nominal GDP? What is real GDP? What is included in each? Why are these measures important? What do they tell us? What was GDP for the last two years (taken from the BEA)?

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