Gross domestic product is an estimated value of the total worth of production and services, by citizens of a country, on its land or on foreign land, calculated over the course on one year.

Question

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Gross Domestic Product (GDP) measures the total value of goods and services produced within a country's borders in a specific time period, typically annually or quarterly, regardless of who produces them. The definition provided describes Gross National Product (GNP), which includes the value of production by a country's citizens both domestically and abroad.

Gross Domestic Product Is an Estimated Value of the Total