What is the definition of Gross Domestic Product? Fill in the blanks: The gross domestic product (GDP) of Canada is defined as the ____ all _____ ______ in a given year.
Gross Domestic Product (GDP) is defined as the market value of all final goods and services produced in a given country in a given year. This means that your blanks should be filled with the words “market value,” “final goods and services produced,” and “within Canada.”
Gross Domestic Product measures the output of new goods and services within a country. It does not worry about the ownership of the companies that make the goods. A Japanese car company building cars in Canada contributes to Canadian GDP while a Canadian clothing company producing garments in Vietnam does not. It measures only new goods, not resales, and only goods that are being sold to their final user.