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Gross Domestic Project
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Works Cited
"Google Public Data Explorer." Google Public Data Explorer. Google, n.d. Web. 25 Feb. 2013.
"Gross Domestic Product." Gross Domestic Product (GDP) Definition. Investopedia, n.d. Web. 25 Feb. 2013.
"Gross Domestic Product." Wikipedia. Wikimedia Foundation, 25 Feb. 2013. Web. 25 Feb. 2013.
"List of Countries by GDP (nominal)." Wikipedia. Wikimedia Foundation, 25 Feb. 2013. Web. 25 Feb. 2013.
The concept of Gross Domestic Product was developed in 1934 by Simon Kuznets.
Gross Domestic Product
It became the main tool for measuring a country's economic health after the Bretton Woods conference in 1944.
Although it does not directly indicate the standard of living, it is assumed that a high GDP per capita results in economic productivity that raises the standard of living.
Monetary value of all a nation's goods and services produced within a nation's borders within a particular period of time.
Not to be confused with Gross National Product, which includes net investment incomes from foreign nations.
It's not always as it seems; GDP does not account for unpaid services and underground activity. It is difficult to account for bartering where it is prevalent, therefore reducing the accuracy of GDP.
GDP = Private Consumption + Gross Investment + Government Spending + (Exports - Imports)
A high GDP may not necessarily be a good thing. A natural disaster will create economic activity in its repair. If a country is suffering in health, medical treatments will increase economic activity.
However, these are not good situations to be in.