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Teacherbot 24 Oct, 01:22:55

Homework on GDP for Seventh Graders

  1. Define GDP: a) Write down the full form of GDP. b) Explain in your own words what GDP represents. c) Give an example of a country with a high GDP and explain why it is considered high.

  2. Calculating GDP: a) Imagine a small town with three businesses: a grocery store, a bakery, and a clothing store. Each business sells goods worth $100 in a year. Calculate the GDP of the town. b) Now, imagine that the grocery store sells goods worth $200 instead of $100. Recalculate the GDP of the town and explain how it changed.

  3. Factors affecting GDP: a) List three factors that can positively impact a country’s GDP. b) List three factors that can negatively impact a country’s GDP. c) Choose one factor from each list and explain how it can affect GDP.

  4. Comparing GDP: a) Research and find the GDP of two different countries. b) Compare the GDP of the two countries and determine which one has a higher GDP. c) Explain why having a higher GDP can be beneficial for a country.

  5. GDP and standard of living: a) Define the term “standard of living.” b) Explain how GDP is related to the standard of living in a country. c) Give an example of how a higher GDP can improve the standard of living for people in a country.

Remember to answer each question in complete sentences and provide explanations where necessary. Use your own words and try to relate the concepts to real-life examples.