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TeachMeFinance.com - explain Gross Domestic Product gross domestic product (GDP) -- The total market value of goods and services produced domestically during a given period. The components of GDP are consumption (both household and government), gross investment (both private and government), and net exports. another definition... Gross domestic product -- The total value of a nation's output, income, or expenditure produced within its physical boundaries. another definition... Gross Domestic Product -- A measure of the market value of all goods and services produced within the boundaries of a nation. It excludes income from external enterprises or investments. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.