Economics - GDP (by Park Sun Kyung)

Economics - GDP



Hello! I'm Sun Kyung!


Today, I want to talk about Economics - GDP. Our school first grade students have Economics class 3 times a week. Actually Economics class is for 2nd graders, so it is so difficult to study Economics. Many students have difficulty studying Economics and so do I.


However sometimes I enjoy Economics study, because I can learn about interesting things that have much relationship with our lives. 


One of the most interest thing is GDP. I have heard 'GDP', but I didn't know about it. GDP means 'Gross Domestic Product'. It is used to know how our society's economy has developed than before and compare with other country's economy.


GDP is made by adding value of all products which are produced in one country during 1 year.







South Korea is 15th country in this chart. Like this, we can compare economic lever with other countries by using GDP. United States is the 1st country, and China follows it really fast these days.


Many people use GDP because it is the most suitable thing to show economic state. But there are some things that GDP can't show to us.


First, GDP can't measure the value of product and services that are not dealt in market. There are also many activities such as mom's housework but GDP can't measure them because It measures value only in the market.


Second, something that causes bad effect on society or environment can increase GDP.


Third, activities which improve the quality of life are not included in GDP.


We can also know the 'per capita income' by dividing GDP with population.


Economics are really boring and tiring thing. But when you understand flow of money and meaning of word, you can be rich easily!!


So try having interest in Economy.


Thanks :)