When economists measure a country’s development, the most important factor they study is its __

Gross Domestic Product (GDP)

GDP is the sum of all final goods and services produced by a country, state, or city, usually within a year. All countries calculate their GDP in their respective currencies.

The final goods and services that make up GDP are measured in the price at which they reach the consumer. Thus, they also take into consideration the taxes on the traded products.

GDP is not the total wealth existing in a country. This is a very common misconception because it gives the impression that GDP would be a stock of value that exists in the economy as a kind of national treasure.

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