GDP Around the world
What country has the largest GDP in the world?
US
GPD stands for this
gross domestic product?
this sector is responsible for extracting raw materials, farming, mining, and fishing.
Primary Sector
This 1940s event caused a massive surge in GDP
World War 2
This GDP measures the total value of goods and services at market prices
Nominal GDP
This country overtook Japan to have the 2nd largest gdp in the world
China
What does GDP measure?
Value of all goods and services produced in a country border during a specific time period.
What are the 3 main things that impact GDP
Consumption, Investment, and Government spending.
When was the U.S GDP the lowest?
Great Depression/1933
This GDP adjusts for inflation to reflect true value over time
Real GDP
What country has had the largest increase in GDP in the last 2 years?
India
GDP is typically calculated in these time periods.
Quarterly and Annually
How many economic sectors of GDP are there?
4 Economic sectors
What was the GDP during the great recession of 2008
Contraction of 4%
This GDP divides a country's total economic output by population
GDP per capita
What is it called when a country has a weak or negative gdp growth?
recession or contraction
GDP per capita is found by dividing GDP by this.
Population
The tertiary sector includes
Banking, Teaching, Retail, and Healthcare.
this global foundation, founded in 1944 compares GDP around the world.
IMF/International monetary fund
This metric includes income from a country's citizens, both domestic and abroad.
Gross National Product/GNP
What country has the smallest GDP in the world?
Tuvalu
GDP does not include the value of these goods.
Used/Secondhand goods
This Sector is influenced the most by national leaders
Quinary Sector
What was the GDP per capita in 2020
64,000$ per person
This adjusts GDP to reflect the cost of living and inflation rates between countries
Purchasing Power Parity/PPP