We have all heard about the GDP however do we know what is or for that matter what it stands for? GDP stand for Gross Domestic Product and is used to gauge the health of a specific region. I tis the total dollar value of the regions goods and services.
GDP is calculated by adding up what everyone earned during a specific and time and what they spent. These two should add up to about the same for that time frame. It is the total dollar value of everything produced as well. It is very important to know what the GDP is for the time frame in question as it helps to know how the economy is flourishing or not flourishing and what steps need to be taken to adjust for the result.
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