What is gross domestic product?
ASU economist explains GDP and measuring economic well-being.
In this story published March 11, 2025, on The Motley Fool:
Nominal GDP is the total value of goods and services produced in a country expressed in units of domestic currency; U.S. dollars in the United States. Real GDP is nominal GDP divided by the GDP price deflator in a base year. Quantifying economic well-being is difficult, so no measurement is bulletproof. Mortality rates as well as expected lifetime at birth are other measures that are a proxy for well-being.
– Domenico Ferraro, associate professor of economics
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