{"id":14567,"date":"2014-11-24T07:00:06","date_gmt":"2014-11-24T13:00:06","guid":{"rendered":"http:\/\/blogs.uww.edu\/library\/?p=14567"},"modified":"2014-08-07T08:58:37","modified_gmt":"2014-08-07T13:58:37","slug":"money-mondays-gross-domestic-product","status":"publish","type":"post","link":"https:\/\/blogs.uww.edu\/library\/archives\/14567","title":{"rendered":"Money Mondays: Gross Domestic Product"},"content":{"rendered":"

The Gross Domestic Product, or GDP, is probably one of those acronyms that you\u2019ve heard a lot but don\u2019t really understand unless you\u2019ve taken an economics course. According to Investopedia<\/a>, GDP is \u201cthe monetary value of all the finished goods and services produced within a country’s borders in a specific time period.” The figure, which is released every four months by the Bureau of Economic Analysis<\/a>, indicates how healthy the economy is and is calculated by using the following equation:<\/p>\n

GDP = C + I + G + (Ex – Im)<\/p>\n

This equation tells us that GDP is figured by looking at:
\nC = Total consumer spending
\nI = Total investment (or spending) on goods and services by businesses
\nG = Total government spending at local, state, and federal levels
\nEx = Total exports (what we sell to other countries)
\nIm = Total imports (what we buy from other countries)<\/p>\n

Sometimes you may hear someone distinguish between nominal GDP and real GDP. Nominal GDP does not account for inflation, but real GDP does. The latter gives us a more accurate view of the health of the economy over time because it accounts for price increases.<\/p>\n

If you\u2019re interested in learning more about GDP and what it tells us about our economy, listen to the St. Louis Federal Reserve\u2019s podcast<\/a> or check out the book GDP: A Brief but Affectionate History<\/a> by Diane Coyle, available in Andersen Library’s Main Collection (3rd floor): HC79.I5 C725 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Gross Domestic Product, or GDP, is probably one of those acronyms that you\u2019ve heard a lot but don\u2019t really understand unless you\u2019ve taken an economics course. According to Investopedia, GDP is \u201cthe monetary value of all the finished goods … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3863,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[52336],"tags":[198,1223,69254,69255],"class_list":["post-14567","post","type-post","status-publish","format-standard","hentry","category-money-mondays","tag-economics","tag-economy","tag-gdp","tag-gross-domestic-product"],"_links":{"self":[{"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/posts\/14567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/users\/3863"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/comments?post=14567"}],"version-history":[{"count":2,"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/posts\/14567\/revisions"}],"predecessor-version":[{"id":14569,"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/posts\/14567\/revisions\/14569"}],"wp:attachment":[{"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/media?parent=14567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/categories?post=14567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.uww.edu\/library\/wp-json\/wp\/v2\/tags?post=14567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}