TURN AND TALK What kinds of things would you need to know to measure if an economy is successful? -In other words: how do you know if a society is wealthy?

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Presentation transcript:

TURN AND TALK What kinds of things would you need to know to measure if an economy is successful? -In other words: how do you know if a society is wealthy?

GROSS DOMESTIC PRODUCT (GDP) The value of all the finished goods and services produced in a country in a specific time period, usually per year Ex. The United States’ GDP in 2013 was $16.7 trillion. Canada’s was $1.83 trillion. (

PER CAPITA Per person. Ex. GDP per capita. The United States’ GDP in 2013 was $16.7 trillion. Spread over the entire population of more than million, GDP per capita was $52,764. (

GPD PER CAPITA EXTREMES (2013) Highest: Luxembourg (2013) Total GDP: $60.13 Billion Population: 543,202 Per Capita GDP: $110,697.03

GDP PER CAPITA EXTREMES (2013) Lowest: Central African Republic (2013) Total GDP: $1.54 Billion Population: million Per Capita GDP: $333.20

YOUR TASK 1.Complete the GDP worksheet and graphs (in order to understand the most common way to measure of economies). 2.When you are finished, you may silently read your personal reading book.