GDP GAP
\d͡ʒˌiːdˌiːpˈiː ɡˈap], \dʒˌiːdˌiːpˈiː ɡˈap], \dʒ_ˌiː_d_ˌiː_p_ˈiː ɡ_ˈa_p]\
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A country's potential gross domestic product versus its actual, realized gross measured over a specified time period. Actual GDP is perennially less than Potential GDP. This difference is stated as a measure of wasted potential output. The blame for the waste is typically put on a country's unemployment rate, tied to business and government inefficiencies. Actual GDP is a country's time-bound measure of its output. Potential GDP is an ideal, zero unemployment, product price stability, strong currency, and maximum production.
By Henry Campbell Black
Word of the day
Snake's-head
- Guinea-hen flower; -- so called in England because its spotted petals resemble the scales of a snake's head.