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Defining GDP

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Introduction

1.GDP My definition: The way to calculate national income and output in a given country's economy Economic definition: the dollar value of all final goods and services produced by a country in a one year period of time, regardless of who owns the resources 2. Consumption My definition: Buying products by people. Economic definition: using a product or service until it has no remaining value. 3. The expenditure spending approach to calculate GDP [ You tell me which specific things are used for this approach] The formula for the Expenditure Approach is C + I + G +(X-M) = GDP. Each letter represents consumption, investment, spending by government and exports minus imports. ...read more.

Middle

6. Investment My definition: Equipments to make their products from business. Economic definition: In business, the purchase by a producer of a physical good such as durable equipment or inventory in hope of improving future business. To sum up, investment is by business on equipment to make their products. 7. X - M [ what does each symbol stand for and how does this math phrase connect to GDP measurement] x-m represents exports minus imports. Exports are made here and imports are made from somewhere else. It is not possible to count import as GDP because we do not make import. 8. aggregate(s) My definition: Sum or total of final prices of items that produced in a year. ...read more.

Conclusion

12. Savings My definition: not saving Economic definition: The part of a person's income that is not spent. 13. The difference between GDP and GNP: Do not simply state what the letters stand for: Find out what makes the difference. GDP letters represent Gross Domestic Product, and GNP letter represent Gross National Product. While GDP means total market value of all final goods and services produced during a particular time period in the United States, GNP means total market value of all final goods and services produced during a particular time period by US residents. For GDP it does not matter who owns the resources because where it produced is more matter. However, for GNP it does no matter where in the world they are earned. ?? ?? ?? ?? Jia Lee ...read more.

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