1. GDP: Gross domestic product, refers to the market value of all officially recognized final goods and services produced within a country in a given period.
2. GDP wouldn’t be counted for with a used car because the given period of the car would have expired.
3. Illegal drugs aren’t counted in the GDP because when someone sells drugs they dont report it to the government so it cant be included
4. when your mom pays you to cut grass it doesn’t count for GDP because it isn’t a huge good distributed in the economy.
5. Ipads are not counted in GDP because they are not produced in the United States borders
6. Nominal GDP is unadjusted for inflation while real GDP is adjusted for inflation
7. GDP per capita is important because it indicates the standard of living and it compares one country to another country and the performance of that country. So it determines how well of a country is doing