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Gross Domestic Product – it is a measurement of national standard of living as well as indicator of global country’s economic health. Gross Domestic Product is a value of all finished goods produced in national boundaries in one year. GDP includes all investments, exports, public consumption and government spending and exclude value of imports. GDP is does not show the value of underground trading, and must exclude inflation. U.S. GDP can be standardized by using constant dollar method. This means that all of the included values are converted to some standard dollar value, let’s say dollar value of 1997. By this conversion inflation is totally avoided.

Related to Gross National Product (GNP) which is taking in consideration all produced and exported goods only by domestic producers as well as domestic producers who operate outside of the U.S., GDP includes all goods and services produced within the country, regardless of producers nationality.