Gross Domestic Product
The concept explains the importance of gross domestic product (GDP). It offers a summary of its key strengths and weaknesses and provides helpful advice on measuring GDP.
Gross Domestic Product Definition
Gross domestic product (GDP) measures a country's total income, its total spending and the sum of value added. GDP represents the market value of the final goods and services produced within a nation during a given year (Samuelson, 1980). The most important function of GDP is to measure the overall performance of an economy (Conway, 2009).
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Gross Domestic Product References (4 of up to 20) *
- Adam, S., Kolet, I. (2010). G-7 Share of World GDP Seen Below 50% by 2012: Chart of the Day. Bloomberg, Oct 21. Available at: http://www.bloomberg.com/news/2010-10-21/g-7-share-of-world-gdp-seen-below-50-by-2012-chart-of-the-day.html.
- Baumol, W.J., Blinder, A.S. (2010). Macroeconomics: Principles and Policy. Cengage Learning.
- Bolgar, C. (2010). High Productivity, Skilled Workers Attract Foreign Investors. Wall Street Journal, Apr 12. Available at: http://online.wsj.com/ad/article/france-productivity.
- Brynjolfsson, E. and Kahin, B. (2002) Understanding the Digital Economy: Data, Tools, and Research, MIT Press, US.
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