Top synonym for gross domestic product other word for gross domestic product is gross national product. To avoid doublecounting, gdp includes the final value of the product. Gross domestic products synonyms, gross domestic products. Before the lesson, make one copy of handout 1 and cut each word and each definition into strips. The measure most often used in the united states is called the nominal gross domestic product the gdp. Gdp can be calculated in three ways, using expenditures, production, or incomes. Gross domestic product definition of gross domestic product. Gross domestic product financial definition of gross domestic.
Gross domestic product gdp is a monetary measure of the market value of all the final goods. Gdp per capita is the total income of a country, divided by the number of inhabitants. It is often seen as an indicator of the standard of living in a country, but there are. Measures the income of everyone in the economy market value of all final goods and services within a given country during a period of time. View american english definition of gross domestic product.
Net domestic product definition and meaning collins. Proper usage and audio pronunciation plus ipa phonetic transcription of the word gross domestic product. The grdp includes regional estimates on the three major sectors including their subsectors, namely. The bureau of economic analysis bea gives a clear definition for gdp. Gross domestic product definition what is meant by the term gross domestic product.
Information and translations of gross domestic product in the most comprehensive dictionary definitions resource on the web. Gross domestic product gdp is the market value of all officially recognized final goods and services produced within a country in a year, or other given period of time. Understanding the gross domestic product and the gross. Gross national product gnp is the value of all goods and services made by a countrys residents and businesses, regardless of production location. Gross domestic product tagalogenglish dictionary glosbe. When that figure is adjusted for inflation, it is called the real gross domestic product, and its generally used to measure the growth of the countrys economy. Synonyms antonyms definitions examples parts of speech. Gross domestic product noun definition and synonyms. Gross signifies that no deduction has been made for the depreciation of machinery, buildings and other capital products used in production. Together the gdp and gnp are perhaps the most important of all economic indicators, and for. It includes all economic production by a countrys people or its companies whether the production takes place within the country or in another country. Gdp is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. To avoid doublecounting, gdp includes the final value of the product, but not the parts that go into it.
Gross domestic product gdp is the monetary value of all the finished goods and services produced within a countrys borders in a specific time period. The cost per minute in many asian countries, where the gross domestic product per capita is half of what it is in latin america, is onetenth the cost, says paul murdock, vice president of sales and change management for nokia latin america. For the economy as a whole, income equals expenditure because every dollar. They do so by measuring the market value of all goods and services that. Find gross domestic product stock images in hd and millions of other royaltyfree stock photos, illustrations and vectors in the shutterstock collection. If they are located within the countrys boundaries, their production is included in gdp. Translation for gdp in the free englisharabic dictionary and many other arabic translations. Compare gross domestic product and gross national product. Dictionary grammar blog school scrabble thesaurus translator quiz more resources more from collins. What is gross domestic product common sense economics. The gross domestic product, or gdp, is one of the most common measures on the state of the economy for any nation.
Nominal gdp, or gross domestic product, measures the value of all finished goods and services produced by a country at their current market prices. Gross domestic product financial definition of gross. Gross domestic product gdp measures a countrys total income, its total spending and the sum of value added. This chapter considers economic growth across the regions of. A countrys gross domestic product is the total value of all the goods it has produced.
Domestic means that it is production by the resident institutional units of the country. Definition and synonyms of gross domestic product from the online english dictionary from macmillan education. Gdp measures the total value of all of the goods made. Get instant notifications from economic times allow not now. Gross domestic product gdp is the standard measure. Unfortunately, unless you took an economics 101 class in college and managed to not fall asleep, you may not know exactly what the gdp is or why it is important. The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports. Dec 15, 2011 if an economist were asked to sum up a nation s entire economy in a single statistic, he or she would probably cite the gross domestic product gdp. One way to measure the economys inflation rate is to compute the percentage increase in. Gdp provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. Gross domestic products gdp is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually. Gdp nominal per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries. Gross national product definition is the total value of the goods and services produced by the residents of a nation during a specified period such as a year. Published measures of growth in productivity and real gross domestic product gdp since the early.
For gdp in neuroscience see giant depolarizing potentials in economics, the gross domestic product gdp is a measure of the amount of the economic production of a particular territory in financial capital terms during a specific time period. Gross national product gnp is an estimate of total value of all the final products and services turned out in a given period by the means of production owned by a countrys residents. The statistic shows gross domestic product gdp in haiti from 1984 to 2018, with projections up until 2024. Gross domestic product gdp is the mercat value o aw offeecially recognized final guids an services produced within a kintra in a year, or ither gien period o time. Gross domestic product gdp denotes the aggregate value of all services and goods. Gross domestic product gdp is the market value of all final user goods and services produced domestically during a time period a year or quarter. Gross domestic product gdp is the monetary value of all finished goods and services made within a country during a specific period. Items that are excluded from gdp were also discussed. Top synonyms for gross domestic product other words for gross domestic product are gross national product, gross national income and output.
Change your default dictionary to american english. Gdp the total market value of all the goods and services produced within the borders of a nation during a specified period. Gross domestic product article about gross domestic product. If an economist were asked to sum up a nation s entire economy in a single statistic, he or she would probably cite the gross domestic product gdp. The value of a countrys overall output of goods and services typically during one fiscal year at market prices. If this depletion of the capital stock, called depreciation, is subtracted from. In contrast, gross national product gnp measures the output of the citizens of the us and the income from assets owned by us entities, regardless of where. This is the british english definition of gross domestic product. Jan 26, 2017 gross domestic product gdp measures if and how much the economy is growing. Gross national product, or gnp, is the total value of the goods and services produced by a countrys economy during a specific period of time, usually a year. In economics, gross domestic product gdp is how much a place produces in an amount of time. Gross domestic product is the total value of everything produced in the country.
Gdp can be calculated by adding up its output inside the borders of that country to find the gdp of a country, one adds up all consumer spending c, all investment i, all government spending minus taxes g, and the value of exports minus imports x m. Definition of gross domestic product in the definitions. It is defined as the total value of goods and services produced within a countrys. Gross domestic product definition and meaning collins.
Consumption, investment, government spending, and net exports were discussed as the components of gdp. In contrast to its colloquial meaning, investment in gdp does not mean purchases of financial products. Gross domestic product gdp is a monetary measure of the market value of all the final goods and services produced in a specific time period. Gdp measures the total value of output in an economic territory. It is the aggregate of gross value added gva of all resident producer units in the region, and analogous to national gross domestic product. Quizlet flashcards, activities and games help you improve your grades. Gross domestic product definition of gross domestic. It doesnt matter if its produced by citizens or foreigners. Gnp is commonly calculated by taking the sum of personal consumption expenditures, private domestic investment. Another important measure is the gross national product gnp, which differs from the gdp in a number of ways. Unfortunately, unless you took an economics 101 class in college and managed to not fall asleep, you may not know exactly what the gdp is or why it is important simply stated, gdp is the total market value of all goods and services produced in a country for. Gross domestic product gdp is the total value of everything produced in a country, regardless of if its citizens or foreigners produced it. Gross domestic product gdp, chief indicator of an economy, shows that for a long time, pakistan economy was. Gdp represents the market value of the final goods and services produced within a nation during a given year samuelson, 1980.
The most important function of gdp is to measure the overall performance of an economy conway, 2009. Gdp gross domestic product formula stock calculators. Gross domestic product gdp, total market value of the goods and services produced by a countrys economy during a specified period of time. A measure of the economic production of a particular territory in financial capital terms over a. Perhaps it is fitting that economists mostused metric, gross domestic product gdp, is a tangle too. Domestic production by foreign companies gross national product. Heres a list of similar words from our thesaurus that you can use instead. Students will participate in a vocabulary sort activity to assess prior knowledge of gdp and. A lesson lesson by chris cannon, ap macroeconomics teacher, sandy creek high school, tyrone, georgia lesson description this lesson introduces students to the basic concepts of gross domestic product gdp. Definition of grossdomesticproduct in the dictionary. Gross domestic product gdp for short can be thought of as an overall grade on the economic report card of a country or region. The total value of all the goods and services produced within a countrys borders is described as its gross domestic product. Gdp is the final value of the goods and services produced within the geographic boundaries of a country.
Gdp per capita synonyms, gdp per capita pronunciation, gdp per capita translation, english dictionary definition of gdp per capita. Thousands of new, highquality pictures added every day. Gross domestic product as a modernday economic indicator core. Its one way to measure of the size and growth of the economy. Definition of gross national product merriamwebster. Moreover, gross domestic product takes no account of the wear and tear on the machinery, buildings, and so on the socalled capital stock that are used in producing the output. Gross domestic product definition, gross national product excluding payments on foreign investments.
Gross domestic product gdp definition canadian mortgage. It includes all final goods and servicesthat is, those that are produced by the economic agents located in that country regardless of their ownership and that are not resold in any form. Gross domestic product gdp measures if and how much the economy is growing. It equals gross domestic product, plus income of canadians from foreign production, less income from canadian production earned by nonresidents such as interest and dividends paid to foreign lenders. Dictionary term of the day articles subjects businessdictionary business dictionary dictionary toggle navigation. Gross domestic product simple english wikipedia, the free. Gdp as a measure of economic wellbeing brookings institution. Gross domestic product is standardized as an economic indicator by. Pdf effects of macroeconomic variables on gross domestic. Definition, formula, types, and how it affects you the balance. Gross domestic product gdp is one of the most widely used measures of an economys output or production. Hop on to get the meaning of gross domestic product. It is one of the measures of national income and output. Definition of gross domestic product merriamwebster.
Typically, economists use a gross domestic deflator to convert nominal gdp to real gdp. Gross domestic product gdp measures total income of everyone in the economy. Information and translations of grossdomesticproduct in the most comprehensive dictionary definitions resource on the web. What it is and how it is measured tawni hunt ferrarini james gwartney northern michigan university florida universitystate gross domestic product gdp is the market value of all final user goods and services. For example, if the prices rise by 2% meaning, everything costs 2% more and the nominal gdp grows by 5%, the real gdp growth is only increased by 3%. Gross domestic product simple english wikipedia, the. For the economy as a whole, income equals expenditure because every dollar a buyer spends is a dollar of income for the seller. Gross domestic product in any study of the aggregate economy, one of the key elements is the aggregate amount of goods and services produced over a certain period of time. Gdp is composed of goods and services pro duced for sale in the market and also includes some nonmar ket production, such as defense or education services. This research investigates the effects of macroeconomic variables on gdp of pakistan. Gross domestic product and how it affects you the balance.