key term - Gross domestic product (GDP)

Definition

Gross Domestic Product (GDP) is the total monetary value of all goods and services produced within a country's borders in a specific time frame, typically annually. It serves as a broad measure of a nation's overall economic activity and health.

Related terms

Economic Growth: The increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

Inflation: The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Per Capita GDP: A measure that divides the GDP by the number of people in the country, providing an average economic output per person