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Gross domestic product (GDP)

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Gross domestic product
Gross domestic product (GDP) is a monetary measure of the value of all final goods and services produced in a period (quarterly or yearly). GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Nominal GDP however do not reflect differences in the cost of living and the inflation rates of the countries; therefore using a GDP PPP per capita basis is arguably more useful when comparing differences in living standards between nations.

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Raynet Business | Marketing Dictionary

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Gross Domestic Product (GDP)
the total market value of all final goods and services produced in a country in a given year; equals total consumer, investment and government spending, plus the value of exports minus the value of imports.

Copyright © 2001, Ray Wright

The Lectric Law Library Dictionary

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Gross Domestic Product (GDP)
A measure of output from U.S. factories and related consumption in the United States. It does not include products made by U.S. companies in foreign markets.

Courtesy of the 'Lectric Law Library.

Political Economy Terms Dictionary

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Gross Domestic Product (GDP)
An estimate of the total money value of all the final goods and services produced in a given one-year period using the factors of production located within a particular country's borders.
[See also: Gross National Product (GNP) ]

Agriculture Glossary

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Gross domestic product (GDP)
Gross domestic product is a measure of the total production and consumption of goods and services in the United States. The Bureau of Economic Analysis constructs two complementary measures of GDP, one based on income and one based on expenditures. It is measured on the product side by adding up the labor, capital, and tax costs of producing the output. On the expenditure side, GDP is measured by adding up expenditures by households, businesses, government and net foreign purchases. Theoretically, these two measures should be equal. However, due to problems collecting data, there is often a discrepancy between the two measures. The GDP price deflator is used to convert output measured at current prices into constant-dollar GDP.
  

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