Deriving GDP (Grade 10 NSC Matric Economics): Flashcards
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Fundamental economic equation
Fundamental economic equation
Income = Product = Expenditure
Definition of GDP
Definition of GDP
Total market value of final goods & services in a country
Three approaches to calculate GDP
Three approaches to calculate GDP
Product, expenditure, income
GDP expenditure formula
GDP expenditure formula
in GDP formula
in GDP formula
Private consumption (household spending)
in GDP formula
in GDP formula
Gross investment (capital goods spending)
in GDP formula
in GDP formula
Government spending
in GDP formula
in GDP formula
Exports minus imports
GDP measures which economic indicator
GDP measures which economic indicator
Standard of living
GDP limitation: population size
GDP limitation: population size
High GDP may just mean many people, not wealth