Gross Domestic Product (Noun)
Meaning
The measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year).
Classification
Nouns denoting possession and transfer of possession.
Examples
- The United States switched to gross domestic product as its primary measure of economic activity in 1991, replacing the earlier system that tracked gross national product.
- The gross domestic product of a country can fluctuate greatly depending on factors such as consumer spending and government investment.
- In calculating a nation's gross domestic product, the value of imports is subtracted from the total value of exports to determine the net export contribution.
- Gross domestic product has been widely adopted by countries around the world as a key indicator of economic health and growth.
- Economists often compare a country's gross domestic product per capita to assess the standard of living enjoyed by its citizens.