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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 ...
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 ...
By definition, there must therefore exist a government budget deficit so all three net to zero. The government sector includes federal, state and local. For example, the government budget deficit in 2011 was approximately 10% GDP (8.6% GDP of which was federal), offsetting a capital surplus of 4% GDP and a private sector surplus of 6% GDP. [44]
The U.S. economy is heavily dependent on road transport for moving people and goods. Personal transportation is dominated by automobiles, which operate on a network of four million miles (6.4 million km) of public roads, [ 339] including one of the world's longest highway systems at 57,000 miles (91,700 km). [ 340]
Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
The US government's Bureau of Economic Analysis as of Q3 2023 estimates $10,007.7 billion in annual total government expenditure and $27,610.1 billion annual total GDP which is 36.2%. [1] This government total excludes spending by "government enterprises" which sell goods and services "to households and businesses in a market transaction."
In economics, gross value added (GVA) is the measure of the value of goods and services produced in an area, industry or sector of an economy. "Gross value added is the value of output minus the value of intermediate consumption; it is a measure of the contribution to GDP made by an individual producer, industry or sector; gross value added is the source from which the primary incomes of the ...
For individuals, net worth or wealth refers to an individual's net economic position: the value of the individual's assets minus liabilities. Examples of assets that an individual would factor into their net worth are retirement accounts, other investments, home (s), and vehicles. Liabilities include both secured debt (such as a home mortgage ...