Measuring GDP
- Created by: Vicki Semmens
- Created on: 30-12-15 09:52
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- Measuring economic growth with GDP
- Different manipulations of GDP
- Nominal GDP
- Market value of total g+s
- Real GDP
- Nominal GDP adjusted for inflatio
- GDP per capita
- GDP/ Population
- Value
- total output x price
- Volume
- total number of g+s produced
- Nominal GDP
- GDP = the total market value of all goods and services produced in the country in a given year.
- Measured in 3 ways
- Expenditure method expenditures (consumption, investment, government spending and net exports)
- Income method adding up all of an economy's incomes (wages, interest, profits and rents
- Output method adds together the value of output produced by each of the productive sectors in the economy using the concept of value added. .
- This is because one person's expenditure is always another person's income. I.e Income = Output = Expenditure
- Measured in 3 ways
- Different manipulations of GDP
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