Difference between revisions of "Gross domestic product"

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'''Gross domestic product''' (or GDP) refers to the total dollar value of a nation's output, income, or expenditure produced within its physical boundaries.<ref>{{cite web|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm|format=HTML|language=English|title=Glossary of Economic Terms|work=International Information Programs (USINFO - The United States Department of State)|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.|accessdate=2007-08-21}}</ref>
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'''Gross domestic product''' (or GDP) refers to the total dollar value of a nation's output, income, or expenditure produced within its physical boundaries regardless of by whom.<ref>{{cite web|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm|format=HTML|language=English|title=Glossary of Economic Terms|work=International Information Programs (USINFO - The United States Department of State)|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.|accessdate=2007-08-21}}</ref> It is "gross" in the sense that it does not deduct [[depreciation]] of previously produced capital, in contrast to [[Net Domestic Product]].
  
 
==Notes==
 
==Notes==

Revision as of 17:40, 10 September 2007

Gross domestic product (or GDP) refers to the total dollar value of a nation's output, income, or expenditure produced within its physical boundaries regardless of by whom.[1] It is "gross" in the sense that it does not deduct depreciation of previously produced capital, in contrast to Net Domestic Product.

Notes

  1. Glossary of Economic Terms (English) (HTML). International Information Programs (USINFO - The United States Department of State). Retrieved on 2007-08-21. “The total value of a nation's output, income, or expenditure produced within its physical boundaries.”