1. Gross Domestic ProductOtherwise known as GDP

2. GDP GDP = Gross Domestic Product This is total output produced by a countryin a year Look out of Nominal GDP and Real GDPand make sure you know the difference 3. Nominal and Real GDP Nominal GDP is GDP which has NOT beenadjusted for Inflation Real GDP is GDP which has been adjustedfor Inflation Nominal Adjust forReal GDP GDPInflation 4. Uses of GDP GDP can be used as a measure of livingstandards You can study Total Real GDP Real GDP per Head / or Per Capita Real GDP per Head is simply Real GDP dividedby Population 5. GDP ComparisonFlag CountryReal GDPReal GDP perCapita European Union$15.821 Trillion $31,607 United States $15.094 Trillion $48,386 China $11.299 Trillion $8,382 India $4.457 Trillion$3,693 Japan $4.440 Trillion$34,739 United Kingdom$2.260 Trillion$36,089