The GDP is the measure of the monetary values of all the financial asset and that includes the goods and the services that are produced in the country at the specific time of the year.
And GDP can reflect the standards of the living, thus making the GDP as the base of the economy the PPP purchasing power parity can be estimated.
OECD countries defined it as the aggregate measure of the inputs and the output of production of the equal sum of the values with taxes and subsidies added and thus is considered the world's most powerful indicator of the development and the growth of the nations.
And this concept was first developed by William petty.
