gross domestic product (GDP)

by Econlife Editor    •    Feb 13, 2014    •    TIME TO READ: 0 minutes Less than a minute

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The total value of goods and services produced by a nation’s economy in a given year. For the United States it excludes the value of production by U.S. firms abroad and includes the value of production by foreign-owned businesses in the United States. A basic term from which organizations such as the World Bank build to calculate the GNP.

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