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Kuvakäsikirjoitus Teksti
- I wonder what will I be learning in Economics in school today?.... I think it was GDP.
- without wasting any tie lets get started on our new lesson students. So, what is GDP? GDP(gross domestic product) is the total monetary or market worth of all finished goods and services produced inside a country's borders in a certain time period is known as GDP. It serves as a comprehensive scorecard of a country's economic health because it is a wide measure of entire domestic production.
- Lesson 3.4 GDP
- Hey Ms. Karen, I had a question from the lesson today. What is the difference between Nominal GDP vs Real GDP?
- Hey Sam, So the difference between nominal GDP and real GDP is that nominal GDP measures a country's production of final goods and services at current market prices, whereas real GDP measures a country's production of final goods and services at the same prices in all years.
- I woke up late!!! Do you mind explaining to me real quick?
- Where were you! You missed the whole lesson. We learned about The four components of gross domestic product are personal consumption, business investment, government spending, and net exports.
- Consumption represents the sum of goods and services purchased by citizens—such as retail items or rent—and it grows as more is consumed. It’s the largest component of GDP. Investment refers to any domestic investment, or capital expenditures, in new assets that will provide future benefits. Government represents the money (consumption expenditure and gross investment) spent by the government on goods and services, such as education, transportation, military, or infrastructure. The exports – imports piece of the equation refers to the exports of goods and services produced within the domestic economy and sold abroad, minus the imports purchased by domestic consumers
- no problem, oh wait I forgot to tell you something, The genuine progress indicator (GPI) is a national-level measure of economic growth and prosperity. GPI is an alternative metric to GDP but which accounts for externalities such as pollution.
- you are going to need to know that for tomorrows test!
- Thank you so much for your help!
- You too!, Thanks
- Good luck on your test!
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