Legislative Political Glossary




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G

GDP

Gross Domestic Product

GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living. Critics of using GDP as an economic measure say the statistic does not take into account the underground economy - transactions that, for whatever reason, are not reported to the government. Others say that GDP is not intended to gauge material well-being, but serves as a measure of a nation's productivity, which is unrelated.

The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

GDP = C + G + I + NX where:

"C" is equal to all private consumption, or consumer spending, in a nation's economy"G" is the sum of government spending"I" is the sum of all the country's businesses spending on capital"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports).

Source: Investopedia. http://www.investopedia.com/terms/g/gdp.asp

Grassroots

Grassroots, the common or ordinary people, especially as contrasted with the leadership or elite of a political party, social organization, etc.; the rank and file.
 

 

In the context of an AFGE conversation, it often refers to actions at the local level of AFGE