GDP is Gross Domestic Product or the total cost of all products and services in a country.

The US has the highest GDP

GDP Per Capita is the GDP divided by the total population of a country.

This describes the GDP for each person in the country.

The United States has the highest GDP per capita.

The unemployment rate is the percent of people in a society that are seeking a job but can’t find one

This is important because if people want jobs but can’t get them, you’ve got a real problem

7.9%

Personal Income is the total amount of money that you receive including government given money

Social Security and your Salary are 2 examples

Having a high productivity is very important because if you can make and sell products quicker, you earn more money.

Things such as specialization for workers and improved technology increase productivity

There are 4 components of GDP and they are:

1. Consumer spending for food, water and other goods

2. Business spending for buildings, equipment and inventory items

3. Government spending including employee wages and buying supplies

4. Exports into the country minus the imports