1. GDP is the total dollar value of all final goods and services produced in a country in one year and is used to measure a country's overall economic output. 2. GDP has several categories including individual spending, business spending, government spending, and exports and imports. 3. GDP per capita measures the value of goods produced per person in a country and shows the average output and income per person.

1. UNDERSTANDING
BusinessIn a Global Economy
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2. Part1:
Measuring
Economic Activity
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Gross Domestic Product

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GDPA country’s total dollar value of all final goods and services produced in one year.
GDP is the highly used measurement to determine a country’s overall economic output.

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Categories
OF
GDP

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Individual
SpendingSpending by normal people for their everyday needs and wants such as:
food, clothing, housing, and other spending.

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Business
SpendingSpending from all types of businesses to continue their operation such as:
includes buildings, equipment, and inventory items..

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Government
SpendingSpending from government entities such as:
paying employees and buying supplies and other goods and services.

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Exports-ImportsGoods and services sold between countries.

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GDPperCapitaThe value of goods produced per person in the country.
This is equal to the country's GDP divided by the total number of people in the country.

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Labor
Activities

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EmploymentThe unemployment rate includes the people of the labor force that are unemployed, are
looking for work, willing to work, and unable to find work.

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ProductivityThe measure of output per unit of input.

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Consumer
Spending
Measurements of

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PersonalIncomeThe total wages and salaries plus investment income and government payments to
individuals.

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RetailSalesThe sales of goods and services purchased to indicate the spending patterns.

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Investment
Activity

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PersonalSavingsBusinesses and individuals use money deposited in personal saving accounts to buy
equipment and/or products. Savers earn interest on money used by companies and other
individuals. The savings rate of a country is an important factor for economic growth.

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StockMarketHigher earnings for businesses increases their value, which causes a demand for people
wanting to buy the businesses stock.

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BondMarketBusinesses and governments issue bonds to borrow money.
Bondholders earn interest on money loaned to businesses and government.