Output
Definition
Output refers to the quantity or volume of goods and services produced by an economy over a specific period. It is a measure of economic activity and can be measured in terms of GDP (Gross Domestic Product).
Analogy
Think of output as the number of completed assignments you produce during a study session. The more assignments you complete, the higher your output. Similarly, in economics, higher output means more goods and services are being produced.
Related terms
Labor force participation rate: The percentage of working-age individuals who are either employed or actively seeking employment.
Real GDP: A measure of an economy's total output adjusted for inflation.
Economic growth: An increase in an economy's real output over time, representing expansion and improvement in living standards.
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