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Definition Of:

Gross domestic product (GDP)

Bible DictionaryBEA Economic Analysis Dictionary
The market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced gross national product (GNP) as the primary measure of U.S. production in 1991. 
Bible DictionaryDictionary of Political Economy
An estimate of the total money value of all the final goods and services produced in a given one-year period using the factors of production located within a particular country's borders. [See also: Gross National Product (GNP) ]
Bible DictionarySociology Dictionary
The total value of all goods and services produced within the boundaries of a particular country in any given year. In America, for example, this measure includes the value of the production of Japanese firms within the U.S. but not goods produced by U.S. firms on Japanese soil. GDP is now the preferred measure of the wealth of nations.

 

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