• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Defining GDP

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. Causes of the Great Depression

    But then on Monday the 28th prices started dropping again. By the end of the day the market had fallen 13%. The next day, Black Tuesday an unprecedented 16.4 million shares changed hands. Stocks fell so much, that at many times during the day no buyers were available at any price.

  2. Split Votes: A Nation Divided on the Marijuana/Drug Legalization Debate

    This made Zheman "realize how silly illegality of marijuana really is" (New Pro). He asks the questions " . . .why are we prohibiting it and who does it really harm?" (New Pro). His answer to the first question is that marijuana was prohibited because of "xenophobic beliefs in the

  1. The Famous Grouse - company profile and exports

    The US has an almost exponentially bigger market for spirits and has a very stable economy, which is very open to imports. Any product that is being entered into the USA market will encounter stiff competition, but I feel that initially entering the market in the west coast where there is already popularity for traditional "Scotch" whiskeys.

  2. Retailing In India - A Government Policy Perspective

    Minimal high-quality competition and absence of skills have led to a lack of pressure to perform - resulting in low and relatively stagnant productivity levels compared to the potential. 1. Low domestic competition Low competition has contributed to low productivity and lower quality of service.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work