7573920
Description
Mind Map by Deriana Mitchell, updated more than 1 year ago
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Created by Deriana Mitchell
almost 8 years ago
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Gross Domestic Product
- determines the size of the economy in time and
growth of the economy overtime
- Measures the total market value of all final
goods and services produced in a economy in a
given year
- Goods: items that are touchable like cars, clothes, etc.
- Services: actions like hair cuts, customer support, car repairs, etc.
- Goods: items that are touchable like cars, clothes, etc.
- Increasing in GDP:
- the country has produced more goods and services
- the country has produced
more goods and services,
but the prices of those
goods and services have
incresed
- The country has some combination of more goods
produced and higher prices
- the country has produced more goods and services
- Nominal GDP: is gross domestic product evaluated at
current market prices.
- Real GDP: a macroeconomic measure of the value of
economic output adjusted for price changes (i.e.,
inflation or deflation).
- Removes the effect of price changes
- Removes the effect of price changes
- GDP per person= GDP per capita (average)
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