GDP stands for gross domestic product

GDP stands for gross domestic product, which is the output of all of the goods and services in the economy (Miller). GDP calculates the overall economy within a country, by calculating how much a country is producing and selling. The purpose of GDP is to measure the health of each country (WEBSITE). It is usually measured based off of what it was in the past. For example, if a country’s GDP is up 2% from last year, the country’s GDP and overall health of their economy has grown 2%. Measuring the GDP of a country benefits everyone included in that economy. If an economy is healthy, then there is a good chance that the unemployment rate will be lower, which is always good for an economy.


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