Gross domestic product (GDP)
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.
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.
