Macroeconomic Chapter 2: Macroeconomic data and variables Gross Domestic Product (GDP) Defintion: GDP is the total market value of all final goods and services produced by a country Final versus Intermediate By final", we mean the goods and service that are purchased for final use by purchaser and not for resale or further processing. The meaning intermediate is opposite to final Value Added GDP not only reflects the market value of final goods and service, but also reflect the income generated from producing these final goods and service This income feature of gdp can be revealed by the process of value adde1 Macroeconomics Chapter 2: Macroeconomic Data and Variables Gross Domestic Product (GDP) ➢ Defintion: GDP is the total market value of all final goods and services produced by a country. ➢ Final versus Intermediate: By "final", we mean the goods and service that are purchased for final use by purchaser and not for resale or further processing. The meaning intermediate is opposite to final. ➢ Value Added: GDP not only reflects the market value of final goods and service, but also reflect the income generated from producing these final goods and service. This income feature of GDP can be revealed by the process of value added