⭐️ GDP

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8 Terms

1
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What is GDP?

Market value of all final goods/services produced within a country in a year.

2
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What is the formula for GDP?

C + I + G + (X − M).

3
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What is nominal GDP?

GDP calculated using current prices.

4
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What is real GDP?

GDP adjusted for inflation using constant prices.

5
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How do you calculate the GDP deflator?

(Nominal GDP / Real GDP) × 100.

6
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What is GDP per capita?

GDP divided by population.

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What are problems with GDP as a measure of welfare?

Ignores leisure

8
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What is the largest component of U.S. GDP?

Consumption.