• 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...


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.


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.


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

    $341.25 ($420 minus the $75 and 5% interest owed to the broker). That makes a return of over 3400%! Investors' craze over the proposition of profits like this drove the market to absurdly high levels. By mid 1929 the total of outstanding brokers' loans was over $7 billion; in the next three months that number would reach $8.5 billion.

  2. Review of Strong Interest Inventory.

    Within occupations, the highest ethnic minority representations were for translators (26. 7%), child care providers (20. 3%), and flight attendants (19. 5%); the lowest were for farmers (2. 1%), veterinarians (2. 3%), and accountants (2. 3%). General Reference Scale (GRS)

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

    "Legalization means we educate, regulate, tax, and control the estimated $400 billion a year drug industry" (Bad Choices). By doing this, the government can use economic law to regulate the drug industry. In the case of marijuana, if the government grows, supplies, and regulates the sale, they can wrest economic power away from street dealers.

  2. The Famous Grouse - company profile and exports

    This offers a lot of guarantees regarding the tastes and how famous grouse is received. The relatively low income per house hold (Average 80% lower than the European average.) may cause concern for exporting to New Zealand. Famous grouse is thought of as a luxury product as opposed to a

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