Gross Domestic Product in the United States

GDP (Gross Domestic Product) (Economics Term) in the Federal Budget Process

Meaning of Gross Domestic Product in the congressional and executive budget processes (GAO source): The value of all final goods and services produced within the borders of a country such as the United States in a given period, whether produced by residents or nonresidents. The components of GDP are personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. That value is conceptually equal to the sum of incomes generated within the borders of the country in the same time period. (See also GNP; National Income and Product Accounts.)

Concept of Gross Domestic Product (GDP) in Foreign Trade

A definition of Gross Domestic Product (GDP) in relation with foreign trade is provided here: The market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced Gross National Product (GNP) as the primary measure of U.S. production in 1991. (Source: Bureau of Economic Analysis)

Resources

See Also

• Federal Appropriations
• Entries about the United States Budget Process in the Encyclopedia (including Gross Domestic Product)
• Public Debt

Further Reading

• Legislatures and the budget process: the myth of fiscal control

  (J Wehner, 2010)

• Reconcilable Differences?: Congress, the Budget Process, and the Deficit (JB Gilmour, 1990)
• Fiscal institutions and fiscal performance

  (JM Poterba, J von Hagen, 2008)

Gross Domestic Product (gdp) in the International Business Landscape

Definition of Gross Domestic Product (gdp) in the context of U.S. international business and public trade policy: The money value of all final goods and services produced in an economy during a given time period. GDP is considered a measure of aggregate production of the economy during that time period.

Gross Domestic Product (gdp) in the International Business Landscape

Definition of Gross Domestic Product (gdp) in the context of U.S. international business and public trade policy: Measure of market value of goods and services produced in a country.