Gross Domestic Product. What is Gross Domestic Product? The total market value of all final goods and services produced during a given period of time.

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Presentation transcript:

Gross Domestic Product

What is Gross Domestic Product? The total market value of all final goods and services produced during a given period of time. Formerly called Gross National Product (GNP) The most common measure of the level of economic activity at the national level.

Categories of Spending Consumer Spending (personal consumption expenditures) – 65% Business Spending (gross private domestic investment) – 13% Government Spending (government purchases of goods and services) – 21% Net exports of goods and services – 1%

What GDP Does Not Measure Non-market activities The underground economy Goods and services not sold Improvements in efficiency Changes in the quality of goods and services produced The quality of people’s lives

How the Top Five Nations Size Up Rank (2012)CountryGDP (Millions USD) -- 1 European Union United States $16.2 Trillion $14.5 Trillion 2China$6.9 Trillion 3Japan$5.9 Trillion 4Germany$3.6 Trillion 5France$2.8 Trillion

How the Top Five Nations Size Up CountryGDP Growth RatePer Capita GDP United States2.2% (↓ 3.40%)$45,959 Japan1.9 % (↓ 2.80%)$34,402 Germany2.6% (↑ 2.20%)$40,315 China11.9% (↑ 10.50%)$2,459 Great Britain2.9% (↑ 2.70%)$45,626