Intro to GDP and Real GDP

Intro to GDP and Real GDP - What is GDP or Gross Domestic...

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What is GDP, or Gross Domestic Product Gross Domestic Product (GDP) is the MARKET VALUE of all FINAL goods and services PRODUCED by factors of production WITHIN A COUNTRY during a GIVEN PERIOD OF TIME. MARKET VALUE: we cannot add automobiles to personal computers to haircuts, etc. We can add the current market value of these goods. FINAL: to avoid double counting, National Income Accountants add value added [market value of goods produced minus cost of intermediate goods] at every stage of production PRODUCED: goods that are produced, but not sold, are recorded as Investment expenditures by firms in the National Income accounts. WITHIN A COUNTRY: Including production using foreign owned Land and Capital, and foreign workers located within the country. We do not include production in foreign countries using domestic (home) factors of production.
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Why is GDP both a measure of aggregate income and aggregate output?
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