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What is Understanding Canada about?
Gross Domestic Product (GDP) is the total value of all final goods and services produced within a country in a given period. It can be calculated using the income approach, which adds up all incomes in the economy, or the expenditure approach, which adds up all spending. The GDP identity states that GDP calculated as total income equals GDP calculated as total spending. GDP has 7 main components: wages and salaries, corporate profits, interest income, proprietors
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