What is GDP??

GDP:

• Gross Domestic Production is a measurement of the total amount of goods and services produced in an economy in a given period of time.
  example. Irelands GDP was $232Billion in 2013.
• Gross Domestic Production is the equal to the total production of the four factors of production. these are land, laboUr, capital, and enterprise.
• Subway Land(Rent) LaboUr(Wages) Capital(Loan) and Enterprise(Shop Owner)

What is GDP per capita??

GDP per capita:

• Gross Domestic Production per capita is the value of production per a person in a economy.
• Formula: GDP($232 Billion)/Population(4.47Million)=GDP Per Capita (51,900)

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