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.

GDP is the total value of goods and services produced within a country’s borders over a period; it measures economic output and is commonly used to assess growth and size of an economy.

- 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.