Quantity of real GDP output

Definition

The quantity of real GDP output refers to the total amount of goods and services produced by firms in an economy during a specific period. It is measured in terms of the market value of all final goods and services produced within a country's borders.

Related terms

Aggregate demand: The total demand for all goods and services in an economy at a given price level.

Economic growth: An increase in the quantity of goods and services produced by an economy over time.

Productivity: The efficiency with which inputs (such as labor and capital) are used to produce outputs (goods and services).