GDP (Gross Domestic Product): meaning and example
English
GDP (Gross Domestic Product)
The total value of all goods and services produced in a country over a specific time period.
“Economists use GDP as a primary indicator of a country's economic health.”
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More words from Economics I
Supply
The total amount of a product or service available for purchase.
Demand
The desire of consumers to buy a product or service.
Inflation
The rate at which the general level of prices for goods and services is rising.
Recession
A significant decline in economic activity spread across the economy, lasting more than a few months.
Interest Rate
The amount charged by a lender to a borrower for the use of assets.
Unemployment
The state of being jobless and looking for a job.
Budget
An estimate of income and expenditure for a set period of time.
Investment
The action or process of investing money for profit.
