Gross Domestic Product is defined as the total production for the country. It is measured by including all the dollars spent to purchase products/services from all the various sellers of goods. The largest purchaser of products/services is consumers. Coming in behind consumers are businesses, remember they are buying goods too. This includes everything from office supplies to the raw materials to make the products the consumers ultimately purchase.
GDP is an acronym for Gross Domestic Product. It refers to the output of the nation in its monetary measurement. The general formula is all consumer spending plus private investment spending plus government spending plus the trade balance.
GDP is the standard measurement used by nations to determine their overall economic power. The US leads with almost $21 Trillion per year, China is now a close second.