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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the main components of measuring GDP with what is demanded?

To determine

The main components of Gross Domestic Product (GDP) with respect to demand are to be determined.

Explanation

To define in terms of demand, GDP is the aggregate of all the expenditure by all economic units in an economy, namely, consumption, investment and trade balance (trade balance is defined as exports net of imports). The equation below defines GDP as the aggregate of all demands in the economy:

  GDP=

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