Economics 12. Ch. 9 Ms. Park. Next Presenters. Karen Lintao. Reveiw. What are three methods of calculating GDP?. Review. GDP is the market value of _____ goods and services produced in a country during a given period. Final goods vs. Intermediate goods.
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ProductionTotal ValueValue addedBusiness that
Grain is produced, $0.50 $0.50 Farmer
sold to milling company
Grain is turned
Into flour, $1.20 $0.70 Milling company
sold to local bakery
Flour is turned
Into bread, $2.00 $0.80 Local bakery
sold to consumer ________ _______
$ 3.70 $2.00
2) Private-sector investment,
3) Government purchases, and
4) Net exports
1. GDP is the _______ value of ________ goods and services produced in a country _________________.
2. What’s the difference between intermediate goods and final goods?
3. Define double counting.