The gain bandwidth product (GBW) for an amplifier is the product of the open loop gain (constant for a given amplifier) and its 3 dB bandwidth.
This quantity is commonly specified for operational amplifiers, and allows circuit designers to determine the maximum gain that can be extracted from the device for a given frequency (or bandwidth) and vice versa.
When adding LC circuits to the input and output of an amplifier the gain raises and the bandwidth decreases, but the product remains constant.
The gain-bandwidth product may be understood from a conservation-of-power viewpoint. The difference between the output signal power and the input signal power can never be greater than the DC power supplied to the amplifier through its bias circuitry. Stated mathematically, if Pout is the total output signal power from the amplifier, Pin is the total signal power input to the amplifier, and PDC is the total DC power supplied to the amplifier, then
Pout - Pin ≤ PDC
Examples
If the GBWP of an op-amp is 1 MHz, it means that the gain of the device falls to unity at 1 MHz. Hence, when the device is wired for unity gain, it will work up to 1 MHz (GBW product = gain x bandwidth, therefore if BW = 1 MHz, gain = 1) without excessively distorting the signal. The same device when wired for a gain of 10 will work only up to 100 kHz, in accordance with the GBW product formula. Further, if the maximum frequency of operation is 1 Hz, then the maximum gain that can be extracted from the device is 1 x 106.
The product of closed-loop gain GCL and bandwidth fc is constant!
Gain x Bandwidth = GCL x fc = GBP (Gain Bandwidth Product)
What does this mean? If you want to increase the gain GCL, the bandwidth fc will drop to maintain a constant GBP. Alternatively, if you need a higher bandwidth, then lower the gain. If you need both higher gain and bandwidth, pick an op amp with a higher GBP on its data sheet. (GBP may be also called the Unity-Gain Frequency.)
Added after 3 minutes:
Measure of the gain-frequency product of an amplifier; unity gain bandwidth is the frequency at which the open-loop gain becomes unity, based on 6 decibels per octave crossing.