1. Gross Domestic Product (GDP) Unit 5.4.1 What is growth?

2. Learning outcomes  To understand the meaning of the term ‘gross domestic product’.  To understand the idea of the rate of growth.  To understand how the standard of living can be measured.  To appreciate that other measures of the standard of living can also be used.

4. What is Gross Domestic Product?  Gross domestic product measures the value of goods and services produced in an economy over time.  It can be used to compare economies (i.e. The American economy is about 5 times larger than that of the UK) and it can be used to show growth

5. Economic Growth of China 2010 10.4% 2011 9.3% 2012 7.7% 2013 7.7%

6.  Recession  A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters