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Raising Funds How a business manages its finances is a key factor in whether or not that business succeeds. Where do businesses find the money to get started? Lesson Objective Explain and compute the gross domestic product. Content Vocabulary gross domestic product (GDP) real GDP per capita GDP gross real per capita GDP domestic GDP product (GDP) The gross total value domestic of theproduct goods of adjusted and a country services to produced include distributed theinover effects a country theofpopulation, inflation. in a givenoryear, the GDP used to monitor per person,the which health indicates of a country’s a nation’s economy.of living. standard Example 1 The United States has an inflation rate of 1.9 percent and a GDP of $10,253.2 billion. What is the real GDP? Example 1 Answer Step: Find the real GDP. GDP – (GDP × Inflation Rate) $10,253.2 billion – ($10,253.2 billion × 1.9%) $10,253.2 billion – $194.8 billion = $10,058.4 billion Example 2 The United States has a population of 284,796,887 and a GDP of $10,253.2 billion. What is the per capita GDP? Example 2 Answer Step: Find the per capita GDP. GDP ÷ Population $10,253,200,000,000 ÷ 284,796,887 = $36,001.798 or $36,001.80 Practice 1 Find the real GDP. GDP: $34,300,000,000 Inflation rate: 6 percent Practice 1 Answer $32,242,000,000 Practice 2 Find the per capita GDP. GDP: $76.5 billion Population: 2.4 million Practice 2 Answer $31,875