What does GDP stand for? Explain what it measures and why it is important for a country’s economy.

Look at the following scenario: Country A has a GDP of $10 billion, while Country B has a GDP of $20 billion. Which country do you think has a stronger economy? Why?

True or False: GDP only measures the total amount of money a country makes. Explain your answer.

List three factors that can affect a country’s GDP. How might each factor impact the economy?

Imagine you are the leader of a country. How would you try to increase your country’s GDP? List at least three strategies and explain why you think they would be effective.

Research and find the current GDP of your own country. How does it compare to other countries around the world? What factors do you think contribute to your country’s GDP?

In your opinion, is GDP the best way to measure a country’s economic success? Why or why not? Are there any limitations or drawbacks to using GDP as an indicator?

Look at the GDP growth rate of a specific country over the past five years. Has it been increasing or decreasing? What factors do you think might have influenced this trend?

Discuss the difference between nominal GDP and real GDP. Why is it important to adjust GDP for inflation?

Imagine a country with a high GDP but also a high level of income inequality. What do you think this says about the overall well-being of the country’s citizens?