Gross domestic product (GDP) is a measure of the total value of all goods and services produced within a country’s borders in a given period of time. It is one of the most widely used indicators of economic performance.

GDP can be calculated in three ways:

GDP is usually expressed in terms of a country’s currency. However, it can also be expressed in terms of a common currency, such as the US dollar. This allows for comparisons of GDP between countries.

GDP is a useful measure of economic performance because it provides a comprehensive overview of a country’s economic activity. However, it is important to note that GDP does not measure all aspects of economic well-being. For example, it does not measure the distribution of income or the quality of life.

Here are some of the limitations of GDP:

Despite its limitations, GDP is a useful measure of economic performance. It provides a comprehensive overview of a country’s economic activity and can be used to compare the economic performance of different countries.

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