GDP
Definition
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country's borders during a specific period.
Analogy
Imagine GDP as the total amount of money earned from selling all the items on a menu at a restaurant. It represents the economic output or productivity of a country.
Related terms
Per Capita GDP: The average GDP per person in a country.
Economic Growth: An increase in an economy's production, measured by changes in real GDP over time.
Consumption Expenditure: Spending by households on goods and services.
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