Gross Domestic Product IB Global Politics UWC Costa Rica

The definition the monetary value of all the finished goods and services produced within a country's borders in a specific time period

Comparing GDP The USA has GDP of $17,968,200 million The Gambia has GDP of $824 million Figures taken from IMF 2014 So, the larger the GDP figure, the more developed a country is, right?

GDP is more useful when expressed in terms of population The USA has GDP of $17,968,200 million The Gambia has GDP of $824 million Figures taken from IMF 2014 But when we divide GDP by population we get a figure of GDP per capita (PPP) of $54,370 When we divide GDP by population we get a figure of GDP per capita (PPP) of $1,605

How might this affect rankings? GDP 1.United States 2.China 3.Japan 4.Germany 5.UK 6.France 7.Intaly 8.India 9.Brazil 10.Canada GDP per capita 1.Qatar 2.Luxembourg 3.Singapore 4.Brunei 5.Kuwait 6.Norway 7.UAE 8.San Marino 9.Switzerland 10.USA

Limitations of GDP as a measure of development GDP does measure Income Growth GDP does not measure Equality Destruction Social cohesion Environment