Definition of Gross domestic product (GDP)

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TeachMeFinance.com - explain Gross domestic product (GDP)



Gross domestic product (GDP)

The term 'Gross domestic product (GDP)' as it applies to the area of energy can be defined as ' The total value of goods and services produced by labor and property located in the United States. As long as the labor and property are located in the United States, the supplier (that is, the workers and, for property, the owners) may be either U.S. residents or residents of foreign countries'.

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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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