Gross domestic product (GDP)
is the market value of all finished goods and services produced within a country in a year.
GDP per capita
is GDP divided by population.
- Nominal vs Real GDP: use prices of a base year to obtain real GDP.
- Growth rate: $\% \Delta \text{GDP} = \dfrac{\text{GDP}(t+1)-\text{GDP}(t)}{\text{GDP}(t)}$ or $\dfrac{d}{dt}\log(\text{GDP}(t))$.