Gross Domestic Product and other Indicators

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Presentation transcript:

Gross Domestic Product and other Indicators Unit 12.1

What is GDP? National Income Accounting Gross Domestic Product (GDP) C + I + G + NX Consumption Investment Government Purchases Net Exports Consumption 70% Government Purchases 15% Net Exports -5 % Investment 16%

Real and Nominal GDP Nominal GDP Real GDP Calculated each year Adjusted for Inflation

What Real GDP Doesn’t Measure GDP Per Capita Happiness Volunteerism Natural Resources Under the table payments Black Market

Other Economic Performance Measures Gross National Product (GNP) GDP minus foreign made products Net National Product (NNP) GNP minus depreciation of capital stocks National Income (NI) NNP minus property and sales taxes Personal Income (PI) Income received by the people NI minus social security and tax payments an add social security, welfare, and unemployment payments Disposable Personal Income (DPI) PI minus personal income taxes