Problem 1

Introduction

The unit of measure of the worth contributed and generated by the manufacturing of products and services in a nation over a given timeframe is the gross domestic product (GDP). As a result, it also accounts for the revenue generated by the manufacturing, as well as the overall amount spent on end products and activities (fewer imports). While GDP has been the most significant statistic for capturing economic growth, it falls short of giving an adequate assessment of a person’s physical well-being, for which other metrics will be more relevant.

The total value of goods and services generated inside a country is measured by GDP, which is the annual economic output.