Define GDP and explain why the value of production, income, and expenditure are the same for an economy.

1. Define GDP and explain why the value of production, income, and expenditure are the same for an economy. A.GDP Defined 1. Value Produced 2. What Produced 3. Where Produced 4. When Produced B.Circular Flows in the U.S. Economy 1. Consumption Expenditure 2. Investment 3. Government Expenditure on Goods and Services 4. Net Exports of Goods and Services 5. Total Expenditure 6. Income C.Expenditure Equals Income 2. Describe how economic statisticians measure GDP and distinguish between nominal GDP and real GDP. A.The Expenditure Approach 1. Expenditures Not in GDP B.The Income Approach 1. Wage Income 2. Interest, Rent, and Profit Income 3. From Factor Cost to Market Price 4. From Net to Gross 5. Statistical Discrepancy C.GDP and Related Measures of Production and Income 1. Gross National Product 2. Disposable Personal Income D.Real GDP and Nominal GDP E.Calculating Real GDP F. Using the Real GDP Numbers 3. Describe the uses of real GDP and explain its limitations as a measure of the standard of living. A.The Standard of Living Over Time B. Tracking the Course of the Business Cycle C. The Standard of Living Among Countries D.Goods and Services Omitted from GDP 1. Household Production 2. Underground Production 3. Leisure Time 4. Environment Quality E.Other Influences on the Standard of Living 1. Health and Life Expectancy 2. Political Freedom and Social Justice

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