Definition
The total monetary value of all goods and services produced within a country over a period. The most-cited measure of economic output.
Related Macroeconomics terms
Inflation
The general rise in prices over time, reducing the purchasing power of money. Me…
Deflation
A general fall in the price level of goods and services. Less common than inflat…
CPI (Consumer Price Index)
A measure of the average change in prices paid by consumers for a basket of good…
PPI (Producer Price Index)
A measure of price changes from the perspective of domestic producers selling th…
Federal Funds Rate
The interest rate at which banks lend reserves to each other overnight. Set by t…
Monetary Policy
Central-bank actions to manage money supply and interest rates to achieve goals …
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