Question

Define the term GDP.

Answer 1

Answer:

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gross domestic product; the total value of all the goods and services produced in a country in one year

Answer 2

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Gross domestic product (GDP) is the total value of everything produced within a country's borders. When economists talk about the "size" of the economy, they are referring to GDP.

To avoid double-counting, GDP includes the final value of the product, but not the parts that go into it. For example, a U.S. footwear manufacturer uses shoelaces and other materials made in the U.S., but only the value of the shoe gets counted; the shoelaces don't. In the U.S., the Bureau of Economic Analysis (BEA) measures GDP quarterly, and it revises the quarterly estimate every month as it receives updated data.

The components of GDP include personal consumption expenditures (C), business investments (I), government spending (G), exports (X), and imports (M). GDP is equal to C + I + G + (X - M).

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