Gross Domestic Product (GDP)

Gross Domestic Product (GDP) is the value of all goods and services produced by workers and capital located within a country (or region), such as the United States, regardless of workers' nationality or ownership. Local measures relate to the physical location of factors of production; It refers to the production attributable to all the labor and property existing in a country. National measures differ from domestic measures in terms of the net inflow – that is, inflow minus outflow – of labor and property income from abroad. GDP includes production within national borders regardless of whether labor inputs and property are domestically or foreign owned.

- Used to explain the concept in accounting and business contexts.
- Used when training staff or documenting procedures and policies.

- Example: Teams reference **Gross Domestic Product (GDP)** when defining terms in manuals, policies, or training materials.

- Why it matters: Improves clarity and consistency across documentation and decision-making.