Gross Domestic Product

key terms

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aggregate demand

aggregate supply


economic fluctuations


net exports

price level

GDP is the amount of all goods and services produced in a given country within a given period of time.

GDP measures a country’s total output. Since (almost) all that is produced in an economy is eventually bought and turned into income, GDP also measures the amount of income earned in a country for a given period of time.

The following graph demonstrates the growth rate of GDP for the U.S. and the EU since 1993:

GDP Growth Rate - US and EU graph
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