Economic Output: Definition & Overview

Economic Output: Definition & Overview
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  • 0:00 What Is Economic Output?
  • 0:20 Measuring Output
  • 4:05 Lesson Summary
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Lesson Transcript
Instructor: Shawn Grimsley
Economic output is one of the most important economic measures for a country. In this lesson, you'll learn what economic output is as well as some related concepts.

What is Economic Output?

Economic output is the total value of all goods and services produced in an economy. It is a regular tool used in macroeconomic analysis to determine whether an economy is growing or contracting by comparing output during two different points in time. It is also used to compare the relative output between different countries.

Measuring Output

The gross domestic product (GDP) is the primary measure we use today to measure national economic output. According to the U.S. Department of Commerce's Bureau of Economic Analysis, GDP is 'the market value of the final goods and services produced by labor and property located (in the country being measured).' GDP can be measured in three different ways.

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