Gross Domestic Product By: Mrs. Erin Cervi. Gross Domestic Product. G = Gross- TOTAL D = Domestic- Made in a country P = Product- Production of a final good/service during a specific period of time . (GDP) measures our nations (and others around the world) total economic performance
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Gross Domestic Product
By: Mrs. Erin Cervi
G= Gross- TOTAL
D= Domestic- Made in a country
P= Product- Production of a final good/service during a specific period of time.
(GDP) measures our nations (and others around the world) total economic performance
It is an economic indicator!
1991 U.S. gov’t switched from GNP to GDP
GNP: included production of all U.S. resident’s no matter where they were located
WE WANTED TO KNOW WHAT WAS GOING ON IN OUR COUNTRY!
Bureau of Economic Analysis (BEA): Calculate the GDP in the U.S.
NOT Counted Toward GDP
At the beginning of the 1980’s, just over 60% of the U.S. Gross Domestic Product was consumer spending. Today, consumer spending is close to 70% of GDP.