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

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

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

How might this affect rankings? GDP GDP per capita United States China Japan Germany UK France Intaly India Brazil Canada Qatar Luxembourg Singapore Brunei Kuwait Norway UAE San Marino Switzerland USA

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