Chapter 2 Jordan May Block 3
What is GDP?  <ul><li>GDP stands for Gross Domestic Product which means how much total the country can produce </li></ul><...
What is GDP Per Capita? <ul><li>GDP per capita is how much each person in a country can produce </li></ul><ul><li>Luxembur...
What is unemployment rate? <ul><li>Unemployment rate is the portion of people in the force who are not working  </li></ul>...
What is Personal Income? <ul><li>Personal income is the money you receive daily for their participation in production </li...
Why do countries need a higher production rate? <ul><li>Countries need a higher production rate because then they can have...
What are the 4 components of GDP? <ul><li>Consumer spending for food clothing and housing </li></ul><ul><li>Business spend...
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Chapter 2

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Chapter 2

  1. 1. Chapter 2 Jordan May Block 3
  2. 2. What is GDP? <ul><li>GDP stands for Gross Domestic Product which means how much total the country can produce </li></ul><ul><li>The USA has the highest GDP closely followed by China </li></ul>
  3. 3. What is GDP Per Capita? <ul><li>GDP per capita is how much each person in a country can produce </li></ul><ul><li>Luxemburg has the highest GDP per capita followed by the USA </li></ul>
  4. 4. What is unemployment rate? <ul><li>Unemployment rate is the portion of people in the force who are not working </li></ul><ul><li>This only includes people who want to work </li></ul><ul><li>This is important because it tells us how likely we are to get a job </li></ul><ul><li>North Carolina’s unemployment rate is 8.7 percent currently </li></ul>
  5. 5. What is Personal Income? <ul><li>Personal income is the money you receive daily for their participation in production </li></ul><ul><li>Salaries and wages </li></ul><ul><li>Investment income </li></ul>
  6. 6. Why do countries need a higher production rate? <ul><li>Countries need a higher production rate because then they can have a higher GDP and possibly a shorter work week </li></ul><ul><li>Technology improves productivity </li></ul>
  7. 7. What are the 4 components of GDP? <ul><li>Consumer spending for food clothing and housing </li></ul><ul><li>Business spending for buildings and equipment </li></ul><ul><li>Government spending </li></ul><ul><li>Exports of a country less than the imports into the country </li></ul>

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