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Transcript of GDP
Example: eggs are the intermediate input and the cake is the final product
It is a simple tool
Gives you a snapshot of the countries economy
Easy to measure
Measured on a regular basis
By: Anne A., Natalie K., Lacey Q., Marina Z. & Cinthya H.
History of the GDP
GDP, What's That?
What is GDP?
How is it measured?
Why is it used
Basically, the measure of the country's production of goods and services indicates the well-being of life.
The total market value of all final goods and services produced within a country in a given year...
US Dollar $$$
The calculation can be done in one of three ways
Should roughly be about the same thing.
Afterwards, it is compared to last quarter or year.
Economy is doing Good
Economy is doing BAD
How GDP is Analyzed and Valued?
“The Production Approach”
“The Expenditure Approach”
Calculating the price of each purchase produced
“The Income Approach”
Adds the “incomes” produced by the manufactured product
The Value of GDP
Portraying the progress of the economy
Productivity and growth
GDP= C + I + G + (X-M)
Strengths of GDP
Weaknesses of GDP
Broadest indicator of economic output and growth
Focuses on the monetary value of goods and services
Easily evaluate health of the economy
Does not account well-being that goes beyond GDP including:
non-market goods and services, environmental and social aspects, income and wealth distribution
Doesn't depict the individual
GDP per Capita
Qatar - $103,900
Democratic Republic of Congo - $400
GDP: (International Monetary Fund 2012)
European Union - $16, 641,109
United States - $15, 684, 750
Tuvalu - $37
Kiribati - $173
"National Income, 1929-35"
Arthur Melvin Okun
CEA- Council of Economic Advisers
for U.S. President John F. Kennedy
GDP 3 points
Everything is OK!
Created in response to the Great Depression
Bretton Woods Conference
National Bureau of Economic Research
Bretton Woods, New Hampshire
Jul 1- 22
New Rules: Post WWII
International Monetary Fund
GDP= Standard Tool
(United Nations Monetary & Financial Conference)