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  2. Gross domestic product - Wikipedia

    en.wikipedia.org/wiki/Gross_domestic_product

    Gross domestic product ( GDP) is a monetary measure of the market value [ 2] of all the final goods and services produced and rendered in a specific time period by a country [ 3] or countries. [ 4][ 5][ 6] GDP is often used to measure the economic health of a country or region. [ 3] Definitions of GDP are maintained by several national and ...

  3. Economy of the European Union - Wikipedia

    en.wikipedia.org/wiki/Economy_of_the_European_Union

    It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.35 trillion (nominal) in 2024 [ 7] or $26.64 trillion (PPP), representing around one-sixth of the global economy. [ 30]

  4. Measures of national income and output - Wikipedia

    en.wikipedia.org/wiki/Measures_of_national...

    The value that the measures of national income and output assign to a good or service is its market value – the price it fetches when bought or sold. The actual usefulness of a product (its use-value) is not measured – assuming the use-value to be any different from its market value. Three strategies have been used to obtain the market ...

  5. Economics terminology that differs from common usage

    en.wikipedia.org/wiki/Economics_terminology_that...

    The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...

  6. National Income and Product Accounts - Wikipedia

    en.wikipedia.org/wiki/National_Income_and...

    The national income and product accounts ( NIPA) are part of the national accounts of the United States. They are produced by the Bureau of Economic Analysis of the Department of Commerce. They are one of the main sources of data on general economic activity in the United States. They use double-entry accounting to report the monetary value and ...

  7. National accounts - Wikipedia

    en.wikipedia.org/wiki/National_accounts

    National accounts or national account systems ( NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though ...

  8. Real and nominal value - Wikipedia

    en.wikipedia.org/wiki/Real_and_nominal_value

    Contents. Real and nominal value. In economics, nominalvalue refers to value measured in terms of absolute money amounts, whereas real value is considered and measured against the actual goods or services for which it can be exchanged at a given time. Real value takes into account inflation and the value of an asset in relation to its ...

  9. Consumer spending - Wikipedia

    en.wikipedia.org/wiki/Consumer_spending

    Underlying tax manipulation as a stimulant or suppression of consumer spending is an equation for gross domestic product ( GDP ). The equation is GDP = C + I + G + NX, where C is private consumption, I is private investment, G is government and NX is the net of exports minus imports. Increases in government spending create demand and economic ...