Sydney Marshall Block3 What is GDP? GDP (Gross domestic product) is the total dollar value of all final goods and services produced in a country during one year The United States currently has the highest GDP. It has a total GDP of around $11 trillion. - $36,000 GDP per capita in the U.S.
<ul><li>GDP per capita is another way to mearsure economic growth, but instead as a total; it’s the output per person. </li></ul><ul><li>GDP is calculated by dividing GDP by the total population. </li></ul><ul><li>The country with the highest is also the United States with $36,000 GDP per capita. (Canada follows closely with $29,000) </li></ul>
<ul><li>The unemployment rate is the portion of the people in the labor force who are not working force. </li></ul><ul><li>People who are considered unemployed are looking for work and willing to work but are unable to find a job. </li></ul><ul><li>This is important because the main cause of unemployment is reduced demand for the goods and services being provided by various workers </li></ul><ul><li>North Carolina’s unemployment rate is around 8.7% </li></ul>
INCOME <ul><li>Personal Income refers to salaries and wages as well as investment income and government payments to individuals. </li></ul><ul><li>These funds provide the foundation for buying needed goods and services. </li></ul><ul><li>Examples: Both Parents Income </li></ul><ul><li>Social security check from government </li></ul>
PRODUCTIVITY <ul><li>Productivity is the production output in relation to a unit of input, such as a worker. </li></ul><ul><li>Having higher productivity is important because workers will have the ability to produce more goods and services which makes it possible to reduce the number of hours in a workweek. </li></ul><ul><li>Workers would be contributing to a higher standard of living in the nation while also improving their own life situation </li></ul><ul><li>Improvements in capital resources, worker training, and management techniques can result in more output per worker. </li></ul>
COMPONENTS OF GDP <ul><li>The four components of GDP are: </li></ul><ul><li>Consumer spending for food, clothing, housing, and other spending. </li></ul><ul><li>Business spending for buildings, equipment, and inventory items. </li></ul><ul><li>Government spending to pay employees and to buy supplies and other goods and services. </li></ul>+ =
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