Gross Domestic Product (GDP)
The dollar value of all final goods and services produced within a country in one year.
Dollar Value: GDP is measured in dollars
Final Goods and services: GDP only counts NEW goods and services
Within a Country: GDP measures production within the country's borders
One Year: GDP measures annual economic performance
What is NOT included in GDP?
- Intermediate Goods: goods inside the final goods don't count
- Non-production Transactions: financial transactions, used goods
- Non-market and Illegal Activities: things made at home, black market