GDP is defined as the total value of goods and services produced within a territory during a specified period, regardless of ownership. GDP differs from gross national product (GNP) because it does not take into consideration transactions done within a country. Nominal GDP refers to the total amount of money spent on GDP. While real GDP changes this value to effect inflation in order to estimate the actual quantity of goods and services making up GDP. GDP measures only final goods and services, which are those goods and services that are consumed by their final user, and not used as an input into other goods. By measuring intermediate goods and services it would lead to double counting of economic activity within the country. This characteristic also removes transfers between individuals and companies from GDP.
GDP is generally calculated by the following equation:
GDP = private consumption + government spending + investments − net exports
Private consumption includes......

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Title: Gdp And Olympic Success
Approximate Word Count: 1208
Approximate Pages: 5 (250 words per double-spaced page)

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