Your feedback
3 reviews · revise by Sun 11:00 PMWhat your reviewers checked
- States that GDP counts final goods and services (excludes intermediates)3 of 3
- Says production must occur within the country’s borders3 of 3
- Specifies a time period (per quarter or per year)1 of 3
- States goods are valued at market prices, noting some values are imputed2 of 3
- Explains how value-added avoids double counting0 of 3
I found this explanation to be mostly precise. The reason I say this is because the definition sentence hits the textbook criteria. It could be made stronger if you explained value-added — the paragraph never says how double counting is avoided.
I found this explanation to be hard to follow after the definition. The reason I say this is because the paragraph never says what double counting is, and “a given period” is vaguer than naming a quarter or year. It could be made stronger if you walked through the flour → bread example.
I found this explanation to be clear on borders but incomplete. The reason I say this is because imputed values are implied but never named, and the three measurement approaches are missing. It could be made stronger if you listed production, income, and expenditure approaches.
Your draft 1
Gross Domestic Product (GDP) is the market value of the final goods and services produced within a country during a given period. It is measured by the Bureau of Economic Analysis, which adds up the value of what households, businesses, and the government produce inside the United States. Because GDP counts what is produced domestically, an American company’s factory abroad does not count, while a foreign company’s factory in Ohio does. Most goods are valued at the prices they sell for in markets, and production is added up across the whole economy to get a single number that can be compared over the years. GDP goes up when the country produces more goods and services, and it goes down in recessions when production falls.