Glossary

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Gross domestic product GDP

Economy Term

Gross Domestic Product (GDP) is a measure of the value of all final goods and services produced in an economy over a certain period (usually a year). GDP is used as a primary indicator of the economic health of a country and is often used to compare economic growth between different countries.

GDP is calculated by adding up the total value of goods and services produced within a country during a certain period of time. This includes the value of all goods and services produced within the country, including those produced by foreign-owned businesses within the country*s borders.

GDP is used in the economy and industry in several ways. Firstly, it provides a measure of the economic performance of a country, allowing economists and policymakers to assess whether the economy is growing or contracting. This information is vital for shaping economic policies and making decisions about areas such as fiscal and monetary policy.

Secondly, GDP is a key indicator of the economic strength of different industries within a country. It can help businesses and policymakers understand which industries are growing and which are contracting, and where there may be opportunities to invest.

Finally, GDP is often used in international trade, as it provides a measure of the economic output of a country that can be used to compare the strength of different economies. This information is particularly important when negotiating international trade deals or seeking out new business opportunities on a global stage.

More Glossary Terms Beginning with G

G20
The G-20 is an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability. By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions, the G-20

Economy Term Letter: G
G7
A group of seven industrialized nations including Canada, France, Germany, Italy, Japan, United Kingdom, and the United States.

Economy Term Letter: G
G8
The finance ministers and central bank governors of the group of eight countries consisting of Canada, France, Germany, Italy, Japan, Russia, U.S. and U.K.

Economy Term Letter: G
GAAP
Generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession and that are appl

Financial Term Letter: G
GAAP Combined Ratio
The sum of the loss and LAE ratio, the underwriting expense ratio and, where applicable, the ratio of dividends to policyholders to net premiums earned. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Insurance Term Letter: G
GAFO Retail
GAFO represents sales at stores that sell merchandise normally sold in department stores. GAFO includes the following kinds of retail businesses: General merchandise stores. Clothing and clothing accessories stores. Furniture and home furnishings stores. Electronics and appliance stores. Sporting goods, hobby, book, and music stores. Office supplies, stationery, and gift stores.

Economy Term Letter: G
Gal
U.S. customary liquid gallon, measure of liquid capacity, legally defined as 231 cubic inches is equal to 3.78541 litres

Energy Term Letter: G
Galvanizing
The process of coating iron or steel with rust-resistant zinc. Iron & Steel Industry Operating Statistics

Manufacturing Term Letter: G
Gene
A gene is a unit of information that specifies the structure of one or more gene products. Collectively, genes determine the precise composition of all molecules needed for maintenance of the functions of life: reproduction, development, organization, growth and metabolism. Genes are often referred to as units of heredity because they pass on the information necessary for all characteristics of an

Health Care Term Letter: G
Gene Products
The products of genes are the thousands of different chemical structures, called molecules, needed for development of all cells. Most gene products are proteins. Most proteins are enzymes, molecules that can carry out work such as digesting and utilizing food for energy, signaling the cell to produce other gene products in response to changing conditions in the body, and controlling cell growth. W

Health Care Term Letter: G
Genomics
method of identifying target genes. The study, including sequencing, of molecules that carry an organisms genetic code (nucleic acids, DNA and RNA).

Health Care Term Letter: G
Genotype
the DNA gene sequence makeup that distinguishes one type of organism from another.

Health Care Term Letter: G

More in this Category

Advance monthly sales
The U.S. Census Bureau conducts the Advance Monthly Retail Trade and Food Services Survey (MARTS) to provide an early estimate of monthly sales by kind of business for retail and food service firms located in the United States. Each month, questionnaires are mailed to a probability sample of approximately 5,000 employer firms selected from the larger Monthly Retail Trade Survey (MRTS). Firms respo

Economy Term
Affiliate
means with respect to any entity, an entity that is controlled by a other company although the other company owns less than a majority of the other entity.

Economy Term
Agents and Brokers
Persons or organizations that act as a representative for others in negotiating contracts, purchases, or sales. Agents and brokers typically earn a commission or fee for their services and do not take possession of, or title to, any goods.

Economy Term
ARPU
Average revenue per user

Economy Term
Balance of payments
Record of transactions between U.S. residents and foreign residents during a given time period. Includes transactions in goods, services, income, assets, and liabilities. It is broken down into the current accounts (international), capital accounts (international), and financial accounts (international).

Economy Term
Balance on current account
Current receipts from the rest of the world less current payments to the rest of the world, formerly called "net foreign investment." Current receipts equal exports of goods and services plus income receipts from the rest of the world; current payments are the sum of imports of goods and services, income payments to the rest of the world, and current taxes and transfer payments to the rest of the

Economy Term
Balance on goods and services
Record of the difference between exports of goods and services and imports of goods and services. In the broad sense, this balance is conceptually equal to net exports of goods and services, which is a component of gross domestic product (GDP).

Economy Term
Bonded Warehouses Manufacturing
Warehouses that are authorized by the United States Customs for storage or manufacturing of goods on which payment of duties is deferred until the goods are removed into Customs Territory. These goods are not subject to duties if reshipped to foreign points.

Economy Term
Brokers
Persons or organizations that act as a representative for others in negotiating contracts, purchases, or sales. Agents and brokers typically earn a commission or fee for their services and do not take possession of, or title to, any goods.

Economy Term
Business sector
All corporate and noncorporate private entities organized for profit and certain other entities that are treated as businesses in the national income and product accounts (NIPAs), including mutual financial institutions, private noninsured pension funds, cooperatives, nonprofit organizations that primarily serve businesses, Federal Reserve banks, federally sponsored credit agencies, and government

Economy Term
CE-marked
A compliance symbol indicating that a product meets the requirements of the European Union (EU) directives that apply to that product. CE stands for Conformit?e Europ?enne, which means European Conformity.

Economy Term
CFTC Commodity Futures Trading Commission
Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States.

Economy Term