Unit 2- January 30

• GDP- Gross Domestic Product
• The total value of all final goods and services produced within a country's borders within a giving year 
• GNP- Gross national product
• The total value of all final goods and services produced by americans in a given year.
• GDP= C + Ig + Xn
  
• C- Consumption ( Includes the purchases of final goods and services)( 67% of economy)
• Ig-Gross Private Domestic Investment (18% of the economy) (Includes new factor equipment, factory equipment maintenance, construction of housing, unsold inventory of product build in a year)
• G- Government spending (17% of the economy) ( government purchasing goods and services)
• Xn- Net exports (exports - imports) ( -2% of the economy)
• Included in GDP
• C, Ig, G, Xn
• Excluded in GDP
• Intermediate goods
• adding double or multiple country
• Second hand goods 
• avoiding double or multiple counting
• Stock and Bonds
• no production involved