Gross Domestic Product

Deriana Mitchell
Mind Map by Deriana Mitchell, updated more than 1 year ago
Deriana Mitchell
Created by Deriana Mitchell over 4 years ago


Mind Map on Gross Domestic Product, created by Deriana Mitchell on 02/07/2017.

Resource summary

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