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GDP Prezi

What is the GDP and how to calculate the GDP
by

Laura Burrell

on 10 July 2013

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Transcript of GDP Prezi

GDP
What is
?
Gross
Domestic
Product
GDP stands for
GDP is the measure of all
final
goods and services.
Final Goods and Services
Intermediate Goods and Services
are goods sold to the final, or end, user.
EX.
Beautician
Dress
Car
are goods and services bought from one firm to another that are inputs into for final goods and services
EX.
engine
Steel
Flour
Key Point:
Intermediate goods and services are not include in the GDP only
Final
3 Ways to Calculate
GDP:
1. GDP= Added total value
of all final goods
and services
produced

ex. = $21,500
2. GDP= Added spending
on all domestically
produced goods
and services

Ex. =$21,500
3. GDP= Added total factor
income earned by
households from
firms in the economy

Ex. =$21,500
GDP Equation
Based off the 2ND way to calculate
the GDP, an equation can be formed.
Total spending on domestically produced
goods and services in the economy is
defined as
Aggregate Spending.

Aggregate Spending
is the sum of
Consumer
Spending
(C)
+
+
+
Investment
Spending
(I)
Government
purchases of Goods and Services
(G)
Exports minus Imports
(X-IM)
Thus
GDP= C + I +G + (X - IM)
In a NUT SHELL
What does the GDP tell?
MOST IMPORTANT: the GDP measures
size of the economy
Ex. South Korea is a booming economy
as of 2013, while the US has a much slower
growing economy
US
South Korea
However, the US has a larger GDP
than South Korea. Meaning US has
larger economic weight than South Korea
GDP (Gross Domestic Product) is the total value of all final Goods and Services of a given year.
GDP can be calculated 3 different ways
GDP= C +I +G +(X-IM)
GDP measures economic size
Full transcript