Gross Domestic Product (GDP)
Definition
Gross Domestic Product (GDP) measures the total value of all final goods and services produced within a country's borders during a specific period (usually annually). It serves as an indicator of economic growth or contraction.
Related terms
Real GDP: GDP adjusted for inflation, providing a more accurate measure of economic growth.
Nominal GDP: GDP measured at current market prices without adjusting for inflation.
Per Capita GDP: The average GDP per person, obtained by dividing the total GDP by the population.
"Gross Domestic Product (GDP)" appears in:
Subjects (5)
AP Comparative Government
AP Human Geography
AP US History
Intro to Business
Intro to Political Science
Study guides (5)
AP Macroeconomics - 2.1 Circular Flow and GDP
AP Macroeconomics - 2.2 Limitations of GDP
AP Macroeconomics - 2.7 Business Cycles
AP Macroeconomics - 3.9 Automatic Stabilizers
AP Macroeconomics - 5.3 Money Growth and Inflation
Additional resources (2)
AP Macroeconomics - Unit 2 Overview: Economic Indicators and the Business Cycle
AP Macroeconomics - Unit 6 Overview: Open Economy-International Trade and Finance
Practice Questions (2)
Which of the following is included in the calculation of Gross Domestic Product (GDP)?
Which of the following is true about Gross Domestic Product (GDP)?
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About Us
About Fiveable
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Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Cram Events
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Crisis Text Line
Help Center
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.