GEOG 1014 Lecture Notes - Lecture 4: Economic Stagnation, Protectionism, United States Housing Bubble
1 Feb 2017
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Us, china, japan, germany, france, uk, italy-just below 2 trillion mark. Gdp: gross domestic product, measure of wealth recognized globally. Sum total of all goods and service produced and sold in that country in one calendar year. Those things that don"t really have a monetary value attached to it. Ex: housework, child rearing, growing food for self- consumption, collecting firewood, collect water, cooking, house building (self). Also underground money movement- black market, flea market, yard sale. Also illegal activities- drugs mostly, slave trading, mob activities (gun running). Colombia: if gdp included cocaine(for example), it would be through the roof compared to what it is now. **you could take next 5 economies and combine them and they wouldn"t equal to us. 250. 1 billion- 2 trillion: canada, european countries, saudi- billion , Turkey- billion , mexico- billion, indonesia- billion, brazil- . 6 trillion, argentina, australia.
