Gross Domestic Product (GDP)
- This is the most basic indicator of the overall market value of a nation's finished domestic goods and services and the country's health and size.
- There are two types of GDP: real and nominal. The former is the economic output after inflation is factored in while the latter does not take inflation into account.
- The GDP is important because it gives us an idea of whether the economy of the country is growing or contracting.
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