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Explain what is meant by GDP and how it is measured
GDP is a way of quantifying the amount of activity in, and thus the size of, an economy. It is therefore a way of assessing the total worth of an economy and thus its total output. This is particularly relevant for assessing how an economy is growing (or contracting over time) and thus GDP measurements over a number of years can be very useful for assessing an economy's performance over that period, particularly in terms of the level of economic growth that it has experienced. It can also be used to compare the relative sizes of different economies, and it can be used to compare the relati…
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