1.“…. goods and services GDP includes both tangible goods(food, clothing, cars) and intangible services Haircuts, housecleaning, doctor visits
1. “ …goods and services…” GDP includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits)
2.GDP is the market value ° QUICK QUIZ Which contributes more to GDP---the production of an economy car or the production of a luxury car? Why?
2.“GDP is the market value…” • QUICK QUIZ: • Which contributes more to GDP---the production of an economy car or the production of a luxury car? Why?
3.produced GDP includes goods and services currently produced. It does not include transactions Involving Items produced in the past (1) GDP excludes second- hand sales(二手交 (2) GDP excludes financial transactions(财务 往来)
3….produced… • GDP includes goods and services currently produced. It does not include transactions involving items produced in the past. • ⑴GDP excludes second-hand sales(二手交 易). • ⑵ GDP excludes financial transactions(财务 往来)
(2) GDP excludes(不包括) financial transactions(财务往来 Public transfer payments(公共转移支付 Private transfer payments(私人转移支付) the buying and selling of shares or securities(买卖股票和有价证券)
⑵ GDP excludes(不包括) financial transactions(财务往来). • Public transfer payments(公共转移支付) • Private transfer payments (私人转移支付) • the buying and selling of shares or securities(买卖股票和有价证券)
4“.. of all. GDP includes all items produced in the economy and sold legally in markets
4 “ …of all…” • GDP includes all items produced in the economy and sold legally in markets