How can the amount of resources in a country can impact its gross domestic product

Gross domestic product (GDP)measures the total output of an entire economy by adding up total consumption, investment, government expenditure, and net exports. GDP is therefore considered a quality approximation of income for an entire economy in a given period.

Per capita GDP is calculated by dividing total GDP by a country's population, and this figure is frequently cited when assessing the standard of living. There are a number of adjustments to GDP used by economists to improve the explanatory power of the statistic, and economists have also developed a number of alternative metrics to measure the standard of living.

Explanation:

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"choosing is refusing" means individuals face an opportunity cost with each decision they make. economists state that every decision involves trade-offs. opportunity cost is the least desirable alternative given up as a result of a decision.

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