1. CHAPTER 2.4 Gross Domestic Product

2. 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

3. 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

4. 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) 316.1 million 2013

5. 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

6. 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?