Gross domestic product (GDP) is the monetary value of all final goods and services produced in Australia over a specific period of time, usually a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of intermediate goods purchased.

GDP at market prices (nominal GDP) measures the value of total production at the present price level. That is, GDP at market prices measures both the total physical volume of goods and services produced and the prices at which these goods and services are sold. GDP at market prices has considerable usefulness when measuring the growth rates and relative importance of different industries or sectors within the economy. The method for me

Dornbush R, and Fisher S, 1994,Macroeconomics, 6th eddition, Mcgrew-Hill Inc, New York

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