What does GDP stand for in economics?

GDP is an acronym for Gross Domestic Product. What is GDP? A country’s Gross Domestic Product, or GDP, is the total monetary or market value of all the goods and services produced within that country’s borders during a specified period of time.

What is the difference between GDP and gross domestic product?

Gross domestic product measures a national economy's total output in a given period and is seasonally adjusted to eliminate quarterly variations based on climate or holidays. The most closely watched GDP measure is also adjusted for inflation to measure changes in output rather than changes in the prices of goods and services.

What is GDP & why is it important?

GDP is the total market value of all final goods and services produced within a country's border over a given time period (typically one year). So basically, it's a measure of production. Because of Inflation, prices have risen over time--as you'd know if you've ever talked with my grandfather ("In my day, Coca-Cola was a nickel!").