GDP, Spillovers, and Human Capital

GDP, Spillovers, and Human Capital

Just a few things today to wrap up!

• First read pages 62-63

GDP

• Gross Domestic Product or GDP is the total value of goods and services a country produces in a year.

• It is all the cars, Big Macs, pencils, clothes, etc made. As well as all services given like going to a doctor or lawyer for help.

• GDP per capita is the value of goods and services produced per person

GDP

• GDP is one of the main measures of how strong an economy is. The bigger the GDP the better the economy is.

• In 2018 the GDP for the US was 20.54 trillion dollars

• In 2018 China's GDP was 13.61 trillion dollars

• In 2018 the Democratic Republic of the Congo's GDP was just 47 billion dollars

Multiple Choice

GDP measures all the goods and services produced in a country in a year.

• True

• False

Developed and Developing Countries

• Developed countries have high GDP, good healthcare, and education

• Developing countries are countries that have lower GDP and lower levels of healthcare and education

• 
  

• 
  

Multiple Select

A developing country has great healthcare, education, and a strong economy.

• True

• False

Human Capital

• Human capital is the sum of all your education, skills, training and so on

• Increasing your human capital can get you a better job and more wealth

Multiple Select

What can you do to increase your human capital?

• Read

• Attend more training

• Get a college degree

• Get more experience

Helpful/Harmful Spillovers

• Helpful and Harmful spillovers are things that can both help and harm an economy

• For example if a factory is built in our town, a helpful spillover would be that people can get a job. An example of a harmful spillover would be that the factory would produce pollution