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Gross Domestic Product: the value of all goods and services made within a nation
Essential Questions-
What does GDP measure?
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How do nations use GDP?
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Is it an accurate measure of a nation's standard of living?
Gross Domestic Product Outline1. Circular Flow of Money Model https://www.youtube.com/watch?v=BvqJiIGT8CE- Circular Flow Movie!a. Product Marketb. Factor Marketc. Role of Governmentd. Role of banks2. Purposes of Gross Domestic Producta. Measure Standard of Livingb. Measurement of National Wealthc. Economic Growthd. The Business Cycle3.The two approachesa. Income (WIRP)b. Spending/ Expenditure (C+I+G+ (X-M))4. What is not included https://www.youtube.com/watch?v=2YxVvhbgV1I&list=PL11ADD17785C9C9A4&index=8- Limits of GDP Videoa. intermediate goodsb. secondhand salesc. black market itemsd. foreign produced goodse. financial assets (stocks and bonds)f. Gross National Product (GNP= GDP + foreign investments)5. Real v Nominal GDP (adjusted for inflation and pure dollar amount)a. Aggregate Outputb. Base Yearc. GDP Per Capitad. GDP Deflator Real GDP= nominal GDP X 100price indexHelpful Linkshttps://www.youtube.com/watch?v=Rgr1vRjxzFg- Khan Academy- Gross Domestic Producthttps://www.youtube.com/watch?v=BvqJiIGT8CE- Jacob Clifford Measuring the Economy -
Last Modified on February 7, 2020