Gross Domestic Product
the market value of all final goods and services produced within a country in a given period of time.
spending by households on goods and services.
spending on goods that will be used in the future to produce more goods and services(capital equip, inventory, structures).
spending on goods and services by local, state and federal gov'ts.
spending on domestically produced goods by foreigners(exports) minus spending on foreign goods by domestic residents(imports).
uses current prices to place a value on the economy's production of goods and services.
uses constant base-year prices to place a value on the economy's production of goods and services.
Nom GDP/ Real GDP x 100