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Gross domestic product (GDP) measures a country's monetary value of its total production. This measure helps determine the expansion and contraction of the economy over time. Slow growth of the economy or decline in production tends to cause unemployment and lower standards of living for the population. GDP information helps economists and policy makers determine the state of the economy and determine appropriate government policies that help promote a healthy economic growth and employment rates in the economy. In this part of the course we will look at methods of calculation of the GDP (and the national income generated in the process of producing the GDP). We will also become familiar with the shortcomings of these statistics as a measure of social welfare.

Useful Sites:  

http://www.census.gov/--Guide

http://www.census.gov/prod/www/statistical-abstract-us.html --Guide

GDP-related sites:

www.un.org/depts/unsd/social/inc-eco.htm

www.yardeni.com

www.bea.doc.gov

www.undp.org