RS 8: Gross Domestic Product

I had no idea what GDP was before this class.  I thought GDP stood for Good Dog Poop.  I had no clue.  I'm not into the whole thing about how rich or poor America is.  But now thanks to my Marco-economics class and my great professor (Engel) I know GDP stands for Gross domestic product.


"Gross domestic product (GDP) refers to the market value of all officially recognized final goods and services produced within a country in a given period." "GDP per capita is often considered an indicator of a country's standard of living; GDP per capita is not a measure of personal income."

I was surprised that the United States of America's GDP is actually pretty good at $14.59 trillion dollars. ^^The graph above is the USA's GDP from 1960 to 2010.^^


This part of the blog is my take on the podcast Why GDP Is Like GPA by Robert Smith of NPR. This podcast was air on October 28, 2011.
I agreed with Robert Smith that GDP is like GPA.  GDP is like GPA because GDP is not a perfect number.  GDP and GPA are alike because both "paints a limited picture".  Also GDP is very hard to calculate just like GPA's are.


This part of the blog is my take on the article Why GDP Per Capita Can Start A Bar Fight by NPR.  This article was posted on January 10, 2012.  This article compares Europe's GDP and USA's GDP.  They talk about how each country spends their money to determine their GDP's.  I agree that USA does spend to much on the military.  The USA has to change there ways.

Above is a map of the world with all their GDP numbers.