3 Tutorials that teach Economic Growth (GDP)
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Economic Growth (GDP)

Economic Growth (GDP)

Author: Dan Laub
This lesson covers economic growth.
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Introduction to Psychology

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Notes on "Economic Growth (GDP)"

Key Terms

GDP Gross Domestic Product 

The sum of all final goods and services sold within a nation’s domestic borders; a measurement of economic activity  

Resource Cost

Income Approach: Sum of the amount of resources used to produce goods and services, or sum of the income received from purchases of these resources.  

Expenditure Approach

Sum of all final goods and services purchased in an economy; typically referenced as Y = C + I + G + (X – M); Y (GDP), C (consumer purchases), I (investment outlays), G (net government spending), X (exports), M (imports).  

GDP Growth

The measure of change in GDP over time.