- Gross domestic product: The total value of goods produced and services provided in a country during one year.
- It gauges the health of a country’s economy.
- GDP of Australia:
- In 2014, the GDP is 1454.68 billion US dollars.
- Per Capita: 37,828.25 US dollars in 2014
- Australia has a strong economy that competes with other industrial nations.
- GDP of the United States:
- In 2014, the GDP is 17,419 billion US dollars.
- Per Capita: 46,405.26 US dollars in 2014
- The United States has the largest economy.
- Gross Domestic Product (per capita): Australia + United States
- The GDP per capita in Australia was $37,828.25 (US dollars) in 2014. This relates to the income approach because it is one of the methods to calculate the GDP. The GDP formula is GDP = C (consumer) + I (business investment) + G (government) + (x (export) -m (import) ). Adding up all of the incomes in the economy will get you the GDP. The GDP per capita in the United States was $46,405.26 (US dollars) in 2014. This relates to the aggregate supply because this is the total amount of goods and services in the economy available at all possible price levels. The GDP in Australia in 2014 is less than the GDP in the United States in 2014.