The GDP and the years illustrated will be:
- 2016 = $149208.6
- 2017 = $157150.1
- 2018 = $161284.3
- 2019 = $161335.3
- 2020 = $144422.1
What is Gross domestic product?
It should be noted that the gross domestic product simply means the monetary value of the overall economic activity in a country.
The gross domestic product and their corresponding years have been given.
The business cycle that was illustrated showed that there was a gradual expansion before getting to the peak where recession sets in
Also, the short run Philips curve is illustrated as there's a trade off between inflation and unemployment.
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