Gross domestic product

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/gross-domestic-product

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the key theorist?Simon Kuznets is widely credited with developing the modern framework for GDP
2. What is the limitations?Does not measure environmental impact, income inequality, or non-market activities
3. What is GDP and why is it called a country's report card?GDP is the total value of all final goods and services a country makes and sells in a year. It shows how busy the economy is, like a report card for a country.
4. Why do we only count finished goods and not parts like steel or tires?We count only finished goods so we don't double‑count the parts that go into them. The price of the finished car already includes the value of the steel and tires.

Intermediate Goods: Goods used as inputs in the production of other goods and services.
Recession: A significant decline in general economic activity, typically lasting more than a few months.
GDP per Capita: Gross Domestic Product divided by the total population of a country, indicating average economic output per person.