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Gross Domestic Product Week2

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Submitted By Noedisellys
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Gross Domestic Product (GDP) calculates the output generated through the production of labor and property that is located within the boundaries of a county.
Real Gross Domestic Product is an inflation adjusted measure that displays the value of goods and services and produced in a year indicated in base year prices. Real GDP is also known as “constant-price”, “inflation-corrected GDP”, or “constant-dollar GDP” ("Real gross domestic," 2012).
Nominal Gross Domestic Product is a GDP amount that has not been adjusted for inflation.
Unemployment rate is the percentage of the total workforce that is unemployed but willing to work and actively seeking out employment.
Inflation rate is the percentage rise in the price of products and services on an annual basis.
Interest rate is the amount expressed as a rate of principal by a lender to a borrower for the use of borrowed goods. Interest rates are typically registered on an annual basis, also known as the annual percentage rate (APR). Borrowed assets may include cash, consumer goods, vehicles, or buildings.
Certain economic activities such as the purchasing of groceries, massive layoff of employees, and the decrease in taxes can have an effect on the government, households, and businesses.
The government measures the size of the nation’s economy by its gross domestic product (GDP). The GDP is made up of four parts; consumption, investment, government spending, and net exports. ("Gross Domestic Product (gdp)", 2010). Consumption is the aggregated amount of all spending done by consumers in the country. Investment is the amount that businesses in the country spend on capital. Government spending is the aggregated amount of all spending done by the government. Net exports are the variation between gross imports and exports.
Farmers produce products such as fresh produce, meats, organic materials used in the

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