Home > Terms > English, UK (UE) > Gross Domestic Product (GDP)

Gross Domestic Product (GDP)

Gross domestic product is a measure of the total production and consumption of goods and services in the United States. The Bureau of Economic Analysis constructs two complementary measures of GDP, one based on income and one based on expenditures. It is measured on the product side by adding up the labor, capital, and tax costs of producing the output. On the expenditure side, GDP is measured by adding up expenditures by households, businesses, government and net foreign purchases. Theoretically, these two measures should be equal. However, due to problems collecting data, there is often a discrepancy between the two measures. The GDP price deflator is used to convert output measured at current prices into constant-dollar GDP.

This is auto-generated content. You can help to improve it.
0
Collect to Blossary

Member comments

You have to log in to post to discussions.

Terms in the News

Featured Terms

Harry8L
  • 0

    Terms

  • 0

    Blossaries

  • 1

    Followers

Industry/Domain: Politics Category: Protest

George Clooney arrest

George Clooney, the Hollywood star, was arrested on March 16, 2012 for protesting outside the Sudanese embassy in Washington DC. Along with his father ...

Contributor

Featured blossaries

10 Material Design Android apps you should be using right now

Category: Technology   1 10 Terms

The 10 Best Innovative Homes

Category: Travel   1 10 Terms