Quote: "Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by a country or countries."
The total value of goods and services produced within a country's borders in a given period of time.
Economic Indicators: Understanding the various economic indicators that impact GDP such as inflation, employment rates, and consumer confidence.
National Income Accounting: Understanding the process of measuring and quantifying economic activity within a country and how GDP is calculated using the national income accounts.
Macroeconomic Models: Understanding different macroeconomic models such as Keynesian, Monetarist, and Classical and their impact on GDP.
Business Cycles: Understanding the relationship between GDP and business cycles and how a country's economic activity can fluctuate over time.
Multiple Measures of GDP: Understanding how GDP can be measured using different approaches such as expenditure, production, and income approaches.
Comparative Analysis: Understanding how to compare and analyze GDP across different countries and regions and the implications of these differences.
Government policies: Understanding how government policies such as fiscal and monetary policies can impact GDP.
Economic Growth: Understanding the relationship between GDP and economic growth and how to measure and track economic growth over time.
Globalization: Understanding how globalization and international trade impact GDP and economic activity within countries.
Economic Development: Understanding how GDP is used as a measure of economic development and the limitations of this approach.
Nominal GDP: This is the measure of a country's economic output without any adjustment for inflation. It simply calculates the total value of all goods and services produced in a given country within a given time period.
Real GDP: This is the measure of a country's economic output adjusted for inflation. It calculates the total value of all goods and services produced in a given country within a given time period, but takes into account changes in the prices of those goods and services over time.
Per capita GDP: This is the measure of a country's economic output per person. It is calculated by dividing the total GDP of a country by its population. This measure is useful for comparing the relative economic well-being of different countries.
Quote: "GDP is most often used by the government of a single country to measure its economic health."
Quote: "Due to its complex and subjective nature, this measure is often revised before being considered a reliable indicator."
Quote: "GDP definitions are maintained by several national and international economic organizations."
Quote: "The Organisation for Economic Co-operation and Development (OECD) defines GDP as 'an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).'"
Quote: "An IMF publication states that, 'GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period (say a quarter or a year).'"
Quote: "GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market."
Quote: "Total GDP can also be broken down into the contribution of each industry or sector of the economy."
Quote: "The ratio of GDP to the total population of the region is the per capita GDP (also called the Mean Standard of Living)."
Quote: "GDP is often used as a metric for international comparisons as well as a broad measure of economic progress."
Quote: "Critics of the growth imperative often argue that GDP measures were never intended to measure progress and leave out key other externalities, such as resource extraction, environmental impact, and unpaid domestic work."
Quote: "Critics frequently propose alternative economic models such as doughnut economics which use other measures of success or alternative indicators such as the OECD's Better Life Index as better approaches to measuring the effect of the economy on human development and well being."