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Raising Funds How a business manages its finances is a key factor in whether or not that business succeeds. Where do businesses find the money to get started?

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Lesson Objective Explain and compute the gross domestic product. Content Vocabulary gross domestic product (GDP) The total value of the goods and services produced in a country in a given year, used to monitor the health of a countrys economy. real GDP per capita GDP real GDP The gross domestic product adjusted to include the effects of inflation. per capita GDP The gross domestic product of a country distributed over the population, or the GDP per person, which indicates a nations standard of living.

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The United States has an inflation rate of 1.9 percent and a GDP of $10,253.2 billion. What is the real GDP? Example 1

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Step: Find the real GDP. GDP – (GDP × Inflation Rate) $10,253.2 billion – ($10,253.2 billion × 1.9%) $10,253.2 billion – $194.8 billion = $10,058.4 billion Example 1 Answer

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The United States has a population of 284,796,887 and a GDP of $10,253.2 billion. What is the per capita GDP? Example 2

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Step: Find the per capita GDP. GDP ÷ Population $10,253,200,000,000 ÷ 284,796,887 = $36,001.798 or $36,001.80 Example 2 Answer

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Find the real GDP. GDP: $34,300,000,000 Inflation rate: 6 percent Practice 1

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$32,242,000,000 Practice 1 Answer

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Find the per capita GDP. GDP: $76.5 billion Population: 2.4 million Practice 2

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$31,875 Practice 2 Answer

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REAL GDP Must take Inflation into account (this means you subtract it out to find the real value) Standard 12.4: Students analyze the elements of the U.S.

REAL GDP Must take Inflation into account (this means you subtract it out to find the real value) Standard 12.4: Students analyze the elements of the U.S.

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