GDP measures the total value of all the goods and services produced in a country. It is used to determine the economic growth of a country. It is often compared to other countries to understand their relative economic standing.
Gross Domestic Product
goods and services: Goods and services are any tangible or intangible objects that satisfy human needs and wants. economic growth: Economic growth is the increase in the total production of goods and services in an economy. relative economic standing: Relative economic standing is a comparison of a country's GDP to those of other countries.
What is your opinion on Gross Domestic Product (GDP)?
- GDP is an important measure of economic growth.
- GDP is an outdated measure of economic progress.
- GDP is an inaccurate measure of economic success.
- GDP is a necessary measurement of economic development.
The United States has the highest GDP in the world, followed by China. In 2018, the U.S. GDP was estimated to be $20.5 trillion. The GDP per capita of Qatar, a tiny Middle Eastern country, is higher than that of the U.S.
Draw / write: What are some of the key drivers of a country's gross domestic product?
Draw / write: What are the implications of trends in GDP for a country's economic development?
What do you think is the most important factor influencing a country's GDP?
What do you think the most effective way to boost a country's GDP is?