gross domestic product

Meanings

• The total monetary or market value of all final goods and services produced within a country's geographical borders in a given time period.

  - "The gross domestic product (GDP) of the United States was estimated to be around $21.44 trillion in 2019."
  - "The growth rate of a country's GDP is an important indicator of its economic health."

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Synonyms

GDP

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Variants

List of all variants of gross domestic product that leads to same result
gross domestic product , gross domestic products

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Etymology

origin and the way in which meanings have changed throughout history.

Gross Domestic Product (GDP) is a measure of a country's economic activity and output. The term 'gross' refers to the inclusion of all production, while 'domestic' refers to production within a country's borders.

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Trivia

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1. The first calculation of GDP was done in the United States in 1934.

2. The country with the largest GDP in the world is the United States.

3. GDP is calculated using a combination of data from various sources, including national accounts, industrial production, and employment data.

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Related Concepts

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1. Gross National Product (GNP): Gross National Product (GNP) is a related concept to Gross Domestic Product (GDP). GNP measures a country's total production, but includes production by its citizens, regardless of where they are located.

2. Net Domestic Product (NDP): Net Domestic Product (NDP) is a measure of a country's economic output after deducting depreciation. It is a modification of Gross Domestic Product (GDP).

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Culture

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Gross Domestic Product (GDP) is a significant concept in economics and is widely used as an indicator of a country's economic health and productivity. It is often discussed in economic reports, news articles, and academic research.

How to Memorize "gross domestic product"

1. visualize
   

   - Imagine a factory producing goods and services within a country's borders.
   - Think about the total value of all the goods and services produced in a given time period.

2. associate
   

   - Associate GDP with economic health and productivity.
   - Think of GDP as a measure of a country's overall economic output.

3. mnemonics
   

   - GDP stands for 'Gross Domestic Product'.
   - Remember that 'Gross' refers to the inclusion of all production, and 'Domestic' refers to production within a country's borders.

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