<P> Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced in a period ( quarterly or yearly ) of time . Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region , and to make international comparisons . Nominal GDP per capita does not , however , reflect differences in the cost of living and the inflation rates of the countries ; therefore using a basis of GDP per capita at purchasing power parity ( PPP ) is arguably more useful when comparing differences in living standards between different nations . </P>
<P> Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced in a period ( quarterly or yearly ) of time . Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region , and to make international comparisons . Nominal GDP per capita does not , however , reflect differences in the cost of living and the inflation rates of the countries ; therefore using a basis of GDP per capita at purchasing power parity ( PPP ) is arguably more useful when comparing differences in living standards between different nations . </P>
gross domestic product measures the total market value of
gross domestic product measures the total market value of
all the final goods and services produced in a period ( quarterly or yearly ) of time
all the final goods and services produced in a period ( quarterly or yearly ) of time