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Question 1: a. (IN YOUR WORDS), define Gross Domestic Product (GDP). b. A Kuwaiti businessman has...

Question 1:

a. (IN YOUR WORDS), define Gross Domestic Product (GDP).

b. A Kuwaiti businessman has a factory in England, does Kuwaiti GDP includes the value of the products that this factory produces? Why?

                                                                

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a. Gross domestic product is the value of the goods and services which have been produced within the domestic territory of a country during a Gross year . Domestic territory means within the political borders of the country . IT includes both the goods . GDP is calculated as sum of all Consumption , Government expenditure , Investment and Net exports ( exports- Imports).


b. No , the Kuwaiti GDP won't include the value of the products that the factory produces. The factory is in England , .i.e. outside the domestic territory of Kuwait . Only the value of the goods produced within the domestic territory are included. The value of goods will be included in the GDP of England.

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