GDP (gross domestic product), which is the total value of everything that has been produced inside a country, whether it be produced by citizens or by companies. GDP is used to determine the "size" of an economy, by comparing the growth rate of the GDP with the growth rate of other countries. GDP can also be used to determine when a country is going through a recession, if the growth rate is less than that of the previous quarter, a depression if the growth rate continues to be less than previous quarters, or inflation if the growth rate is too rapid.
