vocab
what is GPD?
gross domestic production
would a product fully made in America be included in the GDP?
yes
what is a recession?
a steep decline in GDP
does GDP only include final Products?
Yes
what a import?
a good or service bought from another country
would a final product made with parts from around the us be included in the GDP?
yes
what products are counted in the GDP?
final products, American made goods
who calculates GDP?
The BEA
what products are uncounted in the GDP?
non final products, and imported goods
would a product partially made in America and partially made in china be included in the GDP?