MGTA01H3 Chapter Notes - Chapter 2: Deflation, Nominal Number
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MGTA01H3 Full Course Notes
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All together it"s the number (value) of all the goods and services made in a country in one. Calculate all the stuff produced and how much profit was made gdp. More workers, using more resources are producing more things of value. Biggest economy: us, china, japan, germany, france, uk, brazil, italy, india, canada. America imports more than exports but population is really big so they sell and make lots of profit. Gdp tells whether an economy is big. Doesn"t tell if it"s well managed, if it"s growing or if it"s equally distributed. Reasons why africa barely exits because they don"t have the education or resources. Goal is to improve the gdp: growing gdp. More people making more stuff: falling gdp. Banks started to fail and didn"t lend money, and business weren"t able to maintain the capital so the gdp shrunk. 2010 came back and gave everyone jobs stimulus money .
