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Sept 25, 2009

Interesting Economic Fact: People born in the winter months earn on average less than people born in summer. One possible reason: women who give birth in winter are poorer. Sept 25, 2009. GDP Definition Measurement Limitations. Circular Flow Model. Macroeconomics and GDP. GDP.

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Sept 25, 2009

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  1. Interesting Economic Fact: People born in the winter months earn on average less than people born in summer. One possible reason: women who give birth in winter are poorer. Sept 25, 2009 • GDP • Definition • Measurement • Limitations

  2. Circular Flow Model

  3. Macroeconomics and GDP

  4. GDP Gross Domestic Product: The market value of all final goods and services produced within a country in a year.

  5. Recent GDP Trends

  6. GDP Growth in your lifetime GDP in 1990 = $5,800 billion GDP in 2008 = $14,441 billion Growth = (14441-5800)/5800 = 148%

  7. Adjust for inflation We want 1990 quantities at 2008 prices GDP in 1990 at 2008 prices = Real 1990 output x 2008 price of each good produced = $8,034 billion So real GDP growth is (14,441-8,034)/8,034 = 79.8%

  8. Components of GDP ($billion)

  9. Gory Details

  10. What GDP Does Not Measure Non-Priced Services Illegal Activity Leisure Bads Poverty and inequality Love, Satisfaction, Happiness

  11. Environmental Quality and GDP

  12. GDP Around The World

  13. G20’s GDP as a proportion of world total: 2008

  14. GDP per capita in PPP terms of G20: 2008

  15. Are Natural Resources Key?

  16. A Tale of Two Koreas Note that in 1955 the two Koreas had approximately equal GDP per capita and they were both lower than Argentina’s. Today Argentina’s GDP per capita is $14,200

  17. Access to Goods: Growth and Poverty Source: U.S. Census Bureau

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