{"id":37248,"date":"2017-02-13T02:00:37","date_gmt":"2017-02-13T07:00:37","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=37248"},"modified":"2017-07-14T10:07:12","modified_gmt":"2017-07-14T14:07:12","slug":"what-is-gross-domestic-product-gdp","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2017\/02\/13\/what-is-gross-domestic-product-gdp\/","title":{"rendered":"What is Gross Domestic Product (GDP)?"},"content":{"rendered":"<p align=\"center\"><iframe loading=\"lazy\" width=\"853\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/mjJmo5mN5yA?list=PL-uRhZ_p-BM52EbMG1NR1ZfG9tEvcxE4u\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<blockquote><p><strong>Published on 18 Nov 2015<\/strong><\/p>\n<p>Picture the economy as a giant supermarket, with billions of goods and services inside. At the checkout line, you watch as the cashier rings up the price for each finished good or service sold. What have you just observed?<\/p>\n<p>The cashier is computing a very important number: gross domestic product, or GDP.<\/p>\n<p>GDP is the market value of all finished goods and services, produced within a country in a year.<\/p>\n<p>But, what does &#8220;market value&#8221; mean? And what defines a &#8220;finished good&#8221;?<\/p>\n<p>These, and more questions, percolate inside your head. Meanwhile, the cashier starts ringing up the total, and you\u2019re left confused. An array of things pass by you \u2014 A bottle of wine. A carton of eggs. A cake from the local bakers. A tractor, of all things. A bunch of ballpens. A bag of flour.<\/p>\n<p>In this video, join us as we show you how to make sense of this important economic indicator. You\u2019ll learn how GDP is computed, and you\u2019ll get answers to some pretty interesting questions along the way.<\/p>\n<p>Questions like, \u201cWhy are the eggs in my homemade omelet part of the GDP, but the eggs my baker uses are not? Why does my bottle of French wine contribute to France\u2019s GDP, even if I bought it in the United States?\u201d<\/p>\n<p>Most importantly, you\u2019ll also learn why polar bears aren\u2019t part of the GDP computation, even if they\u2019re incredibly cute.<\/p>\n<p>So, buckle in for a bit\u2014in the following videos we\u2019ll dive into specifics on GDP.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Published on 18 Nov 2015 Picture the economy as a giant supermarket, with billions of goods and services inside. At the checkout line, you watch as the cashier rings up the price for each finished good or service sold. What have you just observed? The cashier is computing a very important number: gross domestic product, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[1094,1093,1143],"class_list":["post-37248","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gdp","tag-macroeconomics","tag-principlesofeconomics"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-9GM","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=37248"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37248\/revisions"}],"predecessor-version":[{"id":37249,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37248\/revisions\/37249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=37248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=37248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=37248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}