The year from which constant prices or quantities are taken in calculations of
such indices as real GDP and CPI.
Bureau of Labor Statistics
The government organization responsible for regularly gathering data about the economic
status of the population.
Consumer price index (CPI)
A cost of living index that measures the total cost of goods and services
purchased by a typical consumer within a country.
A set group of goods and services whose quantities do not change over time.
This is used, for instance, in the calculation of the CPI.
Gross domestic product (GDP)
The sum of the market values of all final goods and services produced within a
particular country during a period of time.
Gross domestic product deflator (GDP deflator)
The ratio of nominal GDP to real GDP for a given year minus 1. The GDP
deflator shows how much of the change in the GDP from a base year is reliant on
changes in the price level.
Gross domestic product per capita (GDP per capita)
GDP divided by the number of people in the population. This
describes what portion of the GDP an average individual gets.
Gross national product (GNP)
An alternative measure of economic activity to GDP. GNP is the
sum of the
market values of all goods and services produced by the citizens of a country
regardless of their physical location.
Nominal gross domestic product (nominal GDP)
The sum value of goods and services produced in a country and valued at current
Real gross domestic product (real GDP)
The sum value of goods and services produced in a country and valued at constant
prices, calibrated from some base year. Real GDP frees year-to-year
comparisons of output from the effects of changes in the price level.
Gross Domestic Product
GDP = [(quantity of A X price of A) + (quantity of B X price of B) + ... +
(quantity of N X price of N)] for every good and service produced within the
GDP = (national income) = Y = (C + I + G + NX)
GDP Growth Rate
GDP growth rate = [(GDP for year N) / (GDP for year N-1)] - 1
GDP deflator = [(nominal GDP) / (real GDP)] - 1
GDP Per Capita
GDP per capita = (GDP) / (population)