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EconoTerms G
group of seven
(G-7)
Seven advanced nations: the United States of
America, the United Kingdom, France, Italy,
Canada, Germany, and Japan, that meet to
coordinate monetary policies. They believe that,
in our global economy, all nations can benefit
through cooperation.
gross domestic
product (GDP)
The total value of everything produce by an
economy over one year. This is the official
measure of how much "stuff" our economy
produces. It is considered a replacement for the gross national product.
gross national
product (GNP)
Much like GDP, except that GNP measures how the
amount produced by the citizens
of a country, while the GDP measures how much is
produced within the borders of a
country. In today's economy many businesses
invest in factories and markets in other nations,
so the GDP has become a more realistic indicator
of a nation's wealth.
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