GDP measures the total production of an economy, encompassing all goods and services produced, regardless of exportation. The GDP formula includes Consumption, Investment, Government Spending, and Net Exports (Exports - Imports).
Gross Domestic Product (GDP) measures the total production of an economy, including all goods and services produced. It does not track exports specifically, but rather all economic activity within a country.
For example, if a country's GDP is [tex]$1 trillion, it means that $[/tex]1 trillion worth of goods and services were produced within the country, regardless of whether they were exported or not.
The GDP formula is: GDP = Consumption + Investment + Government Spending + Net Exports (Exports - Imports).
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