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Gross Domestic Product
Transcript of Gross Domestic Product
(GDP) Importance of GDP http://data.worldbank.org/indicator/NY.GDP.MKTP.CD Question #1.!What is GDP?
.The measure of the total output of goods and services for final use occurring within the domestic territory of a given country.
#2. What is it's significance what purpose does it serve?
. It is an indicator of economic health of a country, and to view the standard of living. Well How do we measure GDP? There are two ways in which you can measure Gross Domestic Product.
1. The first is the the income approach
. The income approach is by adding up total compensation to employees
gross profits for incorporated and non incorporated firms and taxes less any subsidies
2. Expenditure method
. Tallied by adding total consumption, investment, government spending, and net exports!
GDP= C+G+I+ NX Gross Domestic Product is important and has an impact on everyone in an economy
.The GDP in the United States has expanded 3.1 percent in the third quarter of 2012
Historically from 1947 until 2012, the United States GDP Growth Rate averaged 3.23Percent reaching an all time high of 17.20 Percent in March of 1950 and a record low of -10.40 Percent in March of 1958. Continued Chart over the years Poor Research .Comes from a blog based on GDP called Statistics on Gross Domestic Product Correlations
.Research done on unnecessary correlations
. Some are outdated an nonfactual http://filipspagnoli.wordpress.com/stats-on-human-rights/statistics-on-gross-domestic-product-correlations/#8