gdp
Học thuậtThân thiện
A country's GDP is often represented by a chart showing economic growth over time.
Definition
- Noun:
- Gross Domestic Product: A primary measure of a nation's overall economic activity and health. It represents the total monetary or market value of all finished goods and services produced within a country's borders in a specific time period, typically one year.
Usage
- Noun:
- GDP is a key indicator used by economists and policymakers to gauge economic performance.
- It is commonly used in comparisons between countries or to track a single country's economic growth over time.
- The term is almost always used in its abbreviated form 'GDP' in both writing and speech.
Examples
- Noun:
- The country's GDP grew by 3% last quarter.
- Economists are analyzing the latest GDP figures.
- A falling GDP can signal an economic recession.
Advanced Usage
"GDP per capita": GDP divided by the population, used as a rough measure of average individual economic output or standard of living within a country.
- Despite a high total GDP, the nation's GDP per capita remains low due to its large population.
"Real GDP": GDP adjusted for inflation, providing a more accurate picture of economic growth over time by reflecting changes in the volume of output rather than just price changes.
- The report showed that real GDP increased, indicating genuine growth in production.
"Nominal GDP": GDP measured at current market prices, without adjusting for inflation.
- Nominal GDP rose sharply, partly due to high inflation.
Variants and Related Words
- Gross National Product (GNP) (noun): A related economic measure that includes the value of all goods and services produced by a nation's residents and businesses, regardless of location, minus income earned by foreign residents and businesses. It differs from GDP, which is based on geographic location of production.
Synonyms
- Economic output: The total value of goods and services produced.
- Aggregate output: The total production of an economy.
Notes on Usage
- GDP is an uncountable noun. You refer to "the GDP," "high GDP," or "GDP growth."
- It is standard to use the abbreviation. The full term "Gross Domestic Product" is typically used for formal definitions or initial introductions.
- The concept is central to macroeconomics and is frequently discussed in news, government reports, and financial analysis.
A country's GDP is often represented by a chart showing economic growth over time.
Noun
- the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year)