CHAPTER 2.4 Gross Domestic Product. Most economists view the country like one big business They measure the success of this business through gross domestic.

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Presentation transcript:

CHAPTER 2.4 Gross Domestic Product

Most economists view the country like one big business They measure the success of this business through gross domestic product or GDP GDP- The total money value of goods and services produced by a nation annually

Gross Domestic Product GDP is measured by adding together the total amount of money spent in four areas  U.S. Consumers  Government  Businesses  U.S. Exports – Foreign Imports C+G+B+Ex-Im=GDP

Gross Domestic Product The economy of the United States is the world's largest national economy. United States GDP (current US$) $16.80 trillion 2013 Population (Total) million 2013

Top Ten GDP Globally United States16,800,000,000,000 China9,240,270,452,050 Japan4,901,529,519,266 Germany3,634,822,579,319 France2,734,949,064,749 United Kingdom2,522,261,112,322 Brazil2,245,673,032,354 Russia2,096,777,030,571 Italy2,071,306,890,125 India1,876,797,199,133

Assignment 1. How do economists measure a country’s success? 2. What four areas are used to calculate GDP? 3. What is the equation used to calculate a nations GDP? 4. What is the US GDP as of 2013? 5. How does the US rank in GDP compared to the next 10 nations?