Term
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Definition
| The total quantity of final goods and services produced within an economy. |
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Term
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Definition
| The total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year. |
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Term
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Definition
| The total value of all final goods and services produced in the economy during a given year, calculated with the prices current in the year in which the output is produced. |
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Term
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Definition
| The method of calculating changes in real GDP using the average between the growth rate calculated using an early base year and the growth rate calculated using a late base year. |
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Term
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Definition
| GDP divided by the size of the population; it is equivalent to the average GDP per person. |
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