Definition of Gross domestic product
the monetary value of all the finished goods and services produced that is used to gauge the health of a country’s economy
Examples of Gross domestic product in a sentence
If gross domestic product is rising, our economy is in good shape because our goods and services are becoming worth more money. 🔊
Economists suggest that a falling gross domestic product means economic trouble because the country’s goods and services are losing economic value. 🔊
Agriculture accounts for more than fifty percent of the U.S.’s gross domestic product. 🔊
Tara’s economy teacher explained that gross domestic product is the total value of everything produced by people and companies in a country. 🔊
Gross domestic product is a good way to measure a country’s standard of living, since it can tell the average monetary value of all products and services per person. 🔊
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