Word: GDP
Definition:
GDP stands for "Gross Domestic Product." It is a way to measure the economic performance of a country. Specifically, it represents the total market value of all the goods and services produced within a country's borders over a specific period of time, usually a year.
Usage Instructions:
- GDP is used as a key indicator to assess the health of a country's economy. - It can show whether the economy is growing, shrinking, or stable. - It is often reported in news articles about the economy.
Example:
- "The GDP of the country increased by 3% last year, indicating a strong economic growth."
Advanced Usage:
- Economists often analyze GDP to compare the economic performance of different countries or to track changes over time. - There are different ways to calculate GDP, such as nominal GDP (current prices) and real GDP (adjusted for inflation).
Word Variants: - GDP per capita: This is the GDP divided by the number of people in the country, giving an average economic output per person. - GDI (Gross Domestic Income): This is another way to measure economic activity, focusing on income generated rather than production.
Different Meaning:
While GDP primarily refers to economic measurement, in a different context, "GDP" does not have other meanings.
Synonyms:
- Economic output - National production - Economic performance measure
Idioms and Phrasal Verbs:
There are no specific idioms or phrasal verbs associated directly with "GDP," but you might hear phrases like: - "The economy is booming" (meaning GDP is increasing). - "We're in a recession" (meaning GDP is decreasing).
In summary, GDP is an important term in economics that helps us understand how well a country's economy is doing.