Written by the Fiveable Content Team • Last updated September 2025
Verified for the 2026 exam
Verified for the 2026 exam•Written by the Fiveable Content Team • Last updated September 2025
Definition
Gross Domestic Product is the total value of all goods and services produced within a country's borders during a specific period. It measures the economic output and growth of a nation.
Related terms
Per Capita GDP: GDP divided by the population of a country, providing an average measure of economic well-being per person.
Real GDP: Adjusted GDP that accounts for inflation, providing a more accurate representation of economic growth.
Purchasing Power Parity (PPP): A method used to compare GDP across different countries by considering differences in cost of living and currency exchange rates.