Define Gross domestic product

 Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living. GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a country.

 The short formula of GDP calculating-

GDP = C + G + I + NX

 Where:

 "C" is equal to all private consumption, or consumer spending, in a nation's economy

"G" is the sum of government spending

"I" is the sum of all the country's businesses spending on capital

"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)