gross domestic product

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Gross domestic product (GDP)

The market value of final goods and services produced over time including the income of foreign corporations and foreign residents working in the U.S., but excluding the income of U.S. residents and corporations overseas.

Gross Domestic Product

A measure of the value of the total production in a country, usually in a given year. Gross domestic product is calculated by adding together total consumer spending, total government spending, total business spending, and the value of net exports. GDP is considered one of the leader indicators of the health of a nation's economy. GDP growth is considered desirable and represents the fact that businesses are producing and that consumers and the government are buying. It is often used as a way to measure a country's standard of living. See also: GNP.

gross domestic product (GDP)

The dollar output of final goods and services in the economy during a given period (usually one year). GDP is one measure of the economic vitality of a country and provides some indication of the health of near-term corporate income. See also economic activity.

Gross domestic product (GDP).

The total value of all the goods and services produced within a country's borders is described as its gross domestic product.

When that figure is adjusted for inflation, it is called the real gross domestic product, and it's generally used to measure the growth of the country's economy.

In the United States, the GDP is calculated and released quarterly by the Department of Commerce.

gross domestic product (GDP)

the total money value of all final goods and services produced in an economy over a one year period.

gross domestic product (GDP)

the total money value of all final GOODS and SERVICES produced in an economy over a one-year period. Gross domestic product can be measured in three ways:
  1. the sum of the value added by each industry in producing the year's output (the output method);
  2. the sum of factor incomes received from producing the year's output (the income method);
  3. the sum of expenditures on the year's domestic output of goods and services (the expenditure method).

In 2003, the UK's GDP totalled £1,100 billion (in current market prices). See Fig. 133 (b) , NATIONAL INCOME ACCOUNTS entry See Fig. 166 , REAL VALUES entry, which gives details of the UK's GDP for the period 1997–2003. See SECULAR TREND.

References in periodicals archive ?
Jaber, "Economic production quantity model for items with imperfect quality," International Journal of Production Economics, vol.
The capitalist claim that reducing carbon emissions will cost jobs and economic production isn't an argument over the costs of global warming, it is an argument over who pays them.
The new allowance is said to build on recommendations from Sir Ian Wood for maximising economic production of oil and gas and been designed to both support investment in technically challenging development areas and to encourage exploration in surrounding areas.
Production elasticity (Ep) and the equation of marginal value of physical product (MVPP) and marginal resources cost (MRC) were used to determine technical and economic production levels, respectively.
The key to Holcombe's analysis is how competition generates dynamism in economic production and coordination, which is what produces the prosperity (understood as wealth and material well-being) that equilibrium models fail to grasp with their static assumptions.
They want to maximise economic production, noting that oil and gas will make up 70 per cent of British energy needs into the 2040s.
The accompanying document to the Chancellor's autumn statement pledged that: "To maximise economic production from UK natural gas resources, the Government will also establish an Office for Unconventional Gas.
"In the case of Indonesia, the development is always directed towards providing facilities for economic production which contributes to a sustainable economy.
Participants also stressed the necessity to diversify the base of economic production and reduce the continued reliance on non-renewable sector: the oil sector, and reduce the current expansionist fiscal policy, which would be unsustainable if oil prices fell from current high levels, which would result in imbalances in spending and the deficit in the general budget.
Some estimates say the military claims as much as a third of Egypt's economic production, but the true size of the military's commercial wealth remains unreported.
The Society and its members believe in sustainable economic production and livelihood where renewable resources are used and mechanization is regulated with the minimal use of non-renewable resources.
This project seeks to identify, through co-ordination, exchange of information and audit within companies, the Best Available Techniques (BAT), to be adopted for clean economic production and development.

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