Grade 6 · Social Studies · Lesson 18

GDP and standard of living

Economists use a single number to compare the size of national economies — gross domestic product, or GDP. GDP is one of the most-quoted figures in the news, but it is also one of the most misunderstood. To use it well, you have to know exactly what it measures and what it leaves out.

What this lesson teaches

1Define gross domestic product as the total value of goods and services produced in a year
2Use GDP and GDP per capita to compare the size of different national economies
3Distinguish what GDP measures from what it does not measure
4Explain how standard of living relates to but is broader than GDP

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