Gross domestic product (GDP)

What does gross domestic product (GDP) tell us?

GDP is a measure of the total value of goods and services produced in a country in a given year. It is a measure of the size of the economy and how well it is performing. GDP can be used to compare the economic performance of different countries or over time.

How did GDP change from 2008? What caused these changes? What is real GDP?

GDP in the United States fell by 4.3% in 2008, the largest annual decline since the Great Depression. This was caused by a number of factors, including the collapse of the housing market, the financial crisis, and the recession. Real GDP is GDP adjusted for inflation. It measures the actual amount of goods and services produced in a country, not just the nominal value. Real GDP in the United States fell by 2.4% in 2008.

What was real GDP in 2008 and has it changed since 2008?

Real GDP in the United States in 2008 was $14.1 trillion. It has since recovered and is now at $20.9 trillion.

What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes?

National income (NI) is the total income earned by factors of production in a country in a given year. It includes wages, profits, rents, and interest. NI is a broader measure of economic activity than GDP because it includes income that is not directly related to production, such as profits from investments. The difference between GDP and NI is that GDP measures the value of goods and services produced, while NI measures the income earned from producing those goods and services.

NI in the United States in 2008 was $15.2 trillion. It has since recovered and is now at $23.3 trillion.

What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes?

Disposable income (DI) is the income that households have available to spend or save after taxes have been paid. It includes wages, salaries, pensions, and government transfers, minus taxes. DI is a measure of the amount of money that households have to spend on goods and services.

DI in the United States in 2009 was $11.5 trillion. It has since recovered and is now at $15.5 trillion.

Does GDP measure the well-being of society? Why or why not?

GDP is not a perfect measure of the well-being of society. It does not take into account factors such as inequality, environmental quality, or social welfare. However, GDP is still a useful measure of economic activity and can be used to track the overall performance of an economy.

What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?

GDP in my state, California, in 2008 was $1.9 trillion. This was the highest GDP of any state in the United States. California’s GDP is about 14% of the total GDP of the United States.

Here is a list of the top 10 states by GDP in 2008:

1. California
2. Texas
3. New York
4. Florida
5. Illinois
6. Pennsylvania
7. Ohio
8. New Jersey
9. Michigan
10. Virginia