Measures of national income and output

High school (ages 12+)
Mathematics & Numbers

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/measures-of-national-income-and-output

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 core components of GDP (expenditure approach)?Consumption (C), Investment (I), Government Spending (G), and Net Exports (NX)
2. What is the international standardization?The System of National Accounts (SNA) provides a framework for global comparability
3. What is GDP and why do people talk about it?GDP is the total value of all final goods and services a country makes in a year. It shows how busy the economy is.
4. How is GDP calculated?By adding up what people spend on stuff, what businesses invest, what the government buys, and the difference between what the country sells abroad and buys from other countries.

Depreciation: The decrease in the value of an asset over time due to wear, age, or obsolescence.
Net Exports: The difference between a country's total exports and its total imports.
Imputation: Estimating the monetary value of goods or services that are not directly traded in markets.