Question

Define gross domestic product.

Answer 1

Gross Domestic Product ( GDP) is the widest quantitative measure of total economic activity within a country. More precisely, GDP reflects the monetary value of all goods and services produced within the territorial limits of a nation over a given period of time.

While GDP is typically measured on an annual basis, this can also be measured on a quarterly basis. For example , in the United States , the government releases an annualized estimate of GDP for every quarter and also for a whole year. Most of the individual data sets will also be issued in real terms, which means that the data will be adjusted for market increases, and therefore net of inflation.