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Stephanie Siddall

on 26 August 2012

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Transcript of GDP

Gross Domestic Product (GDP) GDP is the dollar value of all final goods & services
produced within a country's borders within a given year Final goods are finished products/services Intermediate goods are used
in the production of final goods Nominal GDP: expressed in current year's prices
(doesn't account for changes in price level from
year to year - inflation) Real GDP: expressed in constant prices
(adjusted for inflation) Business cycle: period of economic expansion
(rising GDP) followed by a period of economic
contraction Expansion: GDP is rising Peak: GDP stops rising Contraction: GDP is decreasing Recession: marked by two consecutive quarters (6 months) of falling GDP Trough: GDP stops decreasing Economic Growth: steady long term
increase in real GDP Real GDP per capita: real GDP divided
by population Real GDP per capita is the
best measure of a nation's standard
of living (average income)
Full transcript