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Gross Domestic Product ( GDP) is a monetary measure of the market value [2] of all the final goods and services produced and rendered in a specific time period by a country [3] or countries. [4] [5] [6] GDP is often used to measure the economic health of a country or region. [3] Definitions of GDP are maintained by several national and ...
Real gross domestic product ( real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation ). [1] This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output. Although GDP is total output, it is primarily useful because it closely ...
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
The gross national income ( GNI ), previously known as gross national product ( GNP ), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product ( GDP ), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents. [2] : 44.
Seven summary accounts are published, as well as a much larger number of more specific accounts. The first summary account shows the gross domestic product (GDP) and its major components. The table summarizes national income on the left (debit, revenue) side and national product on the right (credit, expense) side of a two-column accounting report.
The gross world product (GWP), also known as gross world income (GWI), is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).
Macroeconomics. Production and national income: Macroeconomics takes a big-picture view of the entire economy, including examining the roles of, and relationships between, firms, households and governments, and the different types of markets, such as the financial market and the labour market. Macroeconomics is a branch of economics that deals ...
The Bureau of Economic Analysis's advance estimate of first quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 1.6% during the period, missing the 2.5% growth ...