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The gross domestic product (GDP) or gross domestic income (GDI) is a measure of a country's overall economic output. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of living has come under increasing criticism and many countries are actively exploring alternative measures to GDP for that purpose. 1.2.1 Components of GDP by expenditure 1.2.2 Examples of GDP component variables The income approach works on the principle that the incomes of the productive factors ("producers," colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Note: "Gross" means that GDP measures production regardless of the various uses to which that production can be put. "Domestic" means that GDP measures production that takes place within the country's borders.
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