Gross Regional Product
A metropolitan area
Metropolitan area
The term metropolitan area refers to a region consisting of a densely populated urban core and its less-populated surrounding territories, sharing industry, infrastructure, and housing. A metropolitan area usually encompasses multiple jurisdictions and municipalities: neighborhoods, townships,...

's gross regional product, i.e. GMP
Gross metropolitan product
Gross Metropolitan Product or Gross Regional Product is one of several measures of the size of the economy of a metropolitan area...

 or GRP, is one of several measures of the size of its economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...

. Similar to GDP, GRP is defined as the market value
Market value
Market value is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and may differ in some...

 of all final goods and services
Goods and services
In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility. It is often used when referring to a Goods and Services Tax....

 produced within a metropolitan area in a given period of time.

See also

External links

UNSTATS (2010) Gross regional product (GRP): an introduction
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