Question

What is Gross Domestic Product (GDP), and how is the USA GDP growing now and at what rate?

What percentage is the healthcare of the GDP in the United States, and how does it compare with other developed countries and what are some possible explanations for the difference?

Answer 1

Ans) Gross domestic product is the total value of everything produced in the country. It doesn't matter if it's produced by citizens or foreigners. If they are located within the country's boundaries, their production is included in GDP.

- They found that spending in the U.S. far outpaces that in other nations. Health care accounts for almost 18% of the U.S.'s GDP, compared to 9.6% to 12.4% in the other developed countries, the paper says.

- U.S. health care spending in 2016 totaled 17.2 percent of GDP, compared to just 8.9 percent for the OECD median. Not only does the U.S outspend other OECD countries, on the whole it has less access to many health care resources.