One of the first things economics students learn about is Gross Domestic Product (GDP)
GDP is also a central concept in many political debates, including Brexit.
Will it rise?
Will it fall?
What effect will this have on our lives?
So if you produce a car sold for £10,000 but you bought parts and materials worth £8,000, then your contribution to the GDP is £2,000.
GDP assesses the size of an economy as well as the incomes it generates and the pace at which it grows (or…