Question

What is meant by gross domestic product (GDP)? Describe how GDP relates to a country’s overall standard of living.

List the six unique features of the free enterprise system that contribute to the economic health of the United States.
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Answer 1

Gross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period.

Gross domestic product (GDP) measures the total production of the economy, including the activity, stability and growth of goods and services; therefore, it is considered a representative of the economy. The standard of living comes from GDP per capita, which is determined by dividing GDP by the number of people living in the country.

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Answer 2

Gross Domestic Product (GDP) is the final monetary value of the goods and services produced within the country during a specified period of time, normally a year.

Gross domestic product, or GDP, measures the total output of the economy, including activity, stability, and growth of goods and services; as such, it's seen as a proxy for the economy. The standard of living is derived from per capita GDP ,d etermined by dividing GDP by the number of people living in the country.

The six unique features of the free enterprise system that contribute to the economic health of the United States:

economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition. Some of these features may already be familiar.