What is the difference between the term 'economy' and 'GDP' ?

Question

Because on the internet they show two different numbers......
And i don't know what the difference is....

Thanks a lot for your help!

Answer 1

Economics is the study of Manufacturing, investments and savings to promote the production, consumption and distribution of goods and services.
GDP is the gross domestic product the yardstick of the amount of goods and services produced in an economy in a claender year.

Answer 2

"Economy" is a rather nebulous term that refers to the interaction of factors of production (land, labour, capital), economic agents (households, firms, governments) and markets (factor markets, product markets, etc). GDP is a precisely defined measure of economic activity. GDP is defined as the value of all goods and services produced within an "economy" in a given time period.

This definition of GDP also highlights another comparison between the terms "economy" and "GDP". GDP has a time dimension to it ($ per year, etc) whereas the term "economy" has no such precision.

Answer 3

Well,GDP comes from Gross Domestic Product,which is the basic indicator of a country's economy,kind of like "all the money that it has".
Economy is a more generic term

Hope that helped

Answer 4

Growth and development of economy is termed as GDP