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The year from which constant prices or quantities are taken in calculations of such indices as real GDP and CPI.
The government organization responsible for regularly gathering data about the economic status of the population.
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.
The sum of the market values of all final goods and services produced within a particular country during a period of time.
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.
GDP divided by the number of people in the population. This measure describes what portion of the GDP an average individual gets.
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.
The sum value of goods and services produced in a country and valued at current prices.
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
country 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 | GDP deflator = [(nominal GDP) / (real GDP)] - 1 |
| GDP Per Capita | GDP per capita = (GDP) / (population) |
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