Notes on "Economic Growth (GDP)"
GDP Gross Domestic Product
The sum of all final goods and services sold within a nation’s domestic borders; a measurement of economic activity
Income Approach: Sum of the amount of resources used to produce goods and services, or sum of the income received from purchases of these resources.
Sum of all final goods and services purchased in an economy; typically referenced as Y = C + I + G + (X – M); Y (GDP), C (consumer purchases), I (investment outlays), G (net government spending), X (exports), M (imports).
The measure of change in GDP over time.