GDP--Gross Domestic Product

A look at GDP for my classes

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    Q&A: What is GDP? - BBC News

    GDP, or Gross Domestic Product, is arguably the most important of all economic statistics as it attempts to capture the state of the economy in one number. Quite simply, if the GDP measure is up on the previous three months, the economy is growing. If it is negative it is contracting.

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    What is GDP and why is it so important? | Investopedia

    The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period; you can think of it as the size of the economy.

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    GDP per capita (current US$) | Data | Table

    GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.

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    GDP per Capita Statistics

    GDP per capita is a measure of average income per person in a country. GDP stands for Gross domestic product. This measure National income / National Output and National expenditure. GDP per capita divides the GDP by the population. Real GDP per capita takes into account inflation.

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    Principles of Economics and Business: Limitations of GDP as an Indicator of Welfare

    Despite several shortcomings GDP is often used as an indicator of social welfare. Most of the limitations are due to the fact that in essence the concept is not supposed to measure well-being. As a result, GDP fails to account for non-market transactions, wealth distribution, the effects of externalities, and the types of goods or services that are being produced within the economy.

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    Grossly distorted picture

    Maybe GDP is not as good as advertised? WHICH economy has enjoyed the best economic performance over the past five years: America's or Japan's? Most people will pick America. The popular perception is that America's vibrant economy was sprinting ahead (albeit fuelled by credit and housing bubbles that have now painfully burst), whereas Japan crawled along at a snail's pace.

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    The trouble with GDP

    ONE of Albert Einstein's greatest insights was that no matter how, where, when or by whom it is measured, the speed of light in a vacuum is constant. Measurements of light's price, though, are a different matter: they can tell completely different stories depending on when and how they are made.

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    One Economic Sickness, Five Diagnoses

    Economists, like physicians, sometimes confront a patient with an obvious problem but no obvious diagnosis. That is precisely the situation we face right now. Let's start with the problem. There is no simple way to gauge an economy's health. But if you had to choose just one statistic, it would be gross domestic product.

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    Just a Housewife (Working)

    "Just a Housewife" from the musical Working features housewife Kate Rushton, singing how society does not perceive her as intelligent due to her choice to be a stay-at-home mom. Her feeling of incompetence and being expendable increases when realizing that her work and skills are not viewed as valuable in society - specifically from an economic standpoint.

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