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GDP

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by

Marina Zouaghi

on 4 October 2013

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Transcript of GDP

“Intermediate inputs” leading to the final result


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
GDP
By: Anne A., Natalie K., Lacey Q., Marina Z. & Cinthya H.
History of the GDP
1937
1944
1959
Moses Abramovitz
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
Income Approach
Expenditure Approach
Should roughly be about the same thing.
Afterwards, it is compared to last quarter or year.
Rise
Drop
Economy is doing Good
Economy is doing BAD
Simon Kuznets

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
Efficiency
Productivity and growth

GDP= C + I + G + (X-M)
Strengths of GDP
Weaknesses of GDP
Broadest indicator of economic output and growth
Country-to-country comparisons
Focuses on the monetary value of goods and services
Quick
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
Happiness
Doesn't depict the individual
Countries
GDP per Capita
Highest
Qatar - $103,900
Lowest
Democratic Republic of Congo - $400

GDP: (International Monetary Fund 2012)
Highest
European Union - $16, 641,109
United States - $15, 684, 750
Lowest
Tuvalu - $37
Kiribati - $173
Well-Being

Income

Jobs

Produce
"National Income, 1929-35"
GDP= Well-Being
1962
Arthur Melvin Okun
American Economist
CEA- Council of Economic Advisers
for U.S. President John F. Kennedy
Okun's Law
GDP 3 points

Unemployment 1%
Everything is OK!
Created in response to the Great Depression

Bretton Woods Conference
American Economist
National Bureau of Economic Research
Measuring Welfare
Bretton Woods, New Hampshire
Jul 1- 22
44 Nations
New Rules: Post WWII
International Monetary Fund
World Bank
GDP= Standard Tool
American Economist
Production Approach
(United Nations Monetary & Financial Conference)
Full transcript