The of any country is measured by the output of goods and services people can buy with the money they have.

Gross Domestic Product (GDP)

Explanation:

There are three ways by which GDP is calculated.

Production approach

This approach measures the gross value of the output of the goods and services that year.

Income approach

This approach measures the total amount of income of the population in a year.

Expenditure approach

This approach measure the total amount of money spent on goods and services in that year.

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