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GDP

GDP. Gross Domestic Product. Dollar value of every single good and service produced in an economy in a given year. GDP is probably the most important piece of information calculated by our government. Current GDP is between $14.5 trillion and $15 trillion. C+I+G +(X-M) = GDP.

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GDP

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  1. GDP

  2. Gross Domestic Product • Dollar value of every single good and service produced in an economy in a given year. • GDP is probably the most important piece of information calculated by our government

  3. Current GDP is between $14.5 trillion and $15 trillion

  4. C+I+G+(X-M) = GDP • C= Consumer Spending • I= Investments by business • G= Government spending • X= Exports • M= Imports

  5. Consumer spending is by far the largest of the four categories • Goods and services produced for household consumption account for 2/3 of total output

  6. In your groups: • Make a list of the goods and services you used from the time you woke up yesterday until you went to bed last night. • “Walk through” a typical day • Combine information to create a group list- do not list items more than once

  7. GDPs of the World • http://data.worldbank.org/indicator/NY.GDP.MKTP.CD

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