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7573920
Gross Domestic Product
Description
Mind Map on Gross Domestic Product, created by Deriana Mitchell on 07/02/2017.
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Mind Map by
Deriana Mitchell
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Created by
Deriana Mitchell
over 7 years ago
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Resource summary
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.
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
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
GDP per person= GDP per capita (average)
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