How do you measure the size of an entire economy?
Let's say I buy a coffee here in London for £3.
Those £3 are factored into the United Kingdom's GDP.
And so is this barista's salary.
And this espresso machine.
In fact, most of what's around you is part of GDP.
GDP is an important gauge of the overall health of an economy. It stands for:
Simply put, GDP measures the total value of all goods and services in a country.
That means it measures a lot of stuff worth a lot of money.
Here in the U.K., GDP is around two-and-a-half trillion dollars per year.
In the United States, the world's biggest economy, it's around $19 trillion every year.
How do you get to these numbers?
Well, you can calculate GDP in a few different ways, but the most commonly used equation goes like this:
consumption plus investment plus government spending plus net exports equals GDP.
Let's break that down.
Consumption is another way of saying consumer spending.
It's the money you or I spend on physical goods, like coffee, and on services, like a haircut.
In many developed economies like the U.K. or the U.S.,
consumer spending makes up more than half of a country's GDP.
The second part of the GDP equation is investment.
This measures how much businesses spend on things like buildings, land and equipment.
It also includes a major consumer investment - buying a home.
Investment can take a hit when the economy is suffering.
You can see that in this chart domestic business investment
plummeted in the U.S. during the financial crisis.
That's because companies were trying to save money instead of
putting it toward things like factories, machinery and equipment.
Okay, now we get to government spending.
This is the money local, state and national governments spend on things like roads, schools and defense.
Government spending varies a lot depending on each country's approach to public goods and services.
Take for example France, where government spending amounts to roughly 56% of GDP.
That's compared to 41% in the U.K. and 38% in the U.S.
That brings us to the final part of the GDP calculation: net exports, or exports minus imports.
A lot of countries have negative net exports, meaning they bring in more products than they send out.
For example, the U.K. imports around $1 billion worth of coffee every year
but only exports around $315 million, meaning its net exports of coffee are negative.
Countries around the world collect data on consumption, investment, government spending and net exports.
This makes GDP a universal measurement and a way for countries to stack up against one another.
But it's not just the sum of the equation people look at.
You'll often hear about the GDP growth rate, or the percentage change in GDP over time.
Generally, if an economy is healthy, GDP growth expands.
If an economy is in bad shape, GDP growth contracts.
Two consecutive quarters of negative GDP growth are referred to as a recession.
But GDP doesn't always give a full picture of the economy.
Critics say the equation puts too much weight on production and manufacturing,
and not enough on services and the digital economy.
Just think of Spotify. For $10 a month you can listen to unlimited music from a huge range of artists.
In the past, you would have had to buy all of those albums separately, with each one contributing to GDP.
It's hard to factor a digital service like Spotify into the GDP equation
which is used to measuring physical goods.
GDP also doesn't measure economic equality and well-being.
So even if a country is really rich according to GDP, wealth may be spread unevenly.
Plus, GDP excludes unpaid work like volunteering for charity or child care.
And it doesn't factor in costs like pollution or illegal activity.
Some experts have come up with alternative measures to GDP
that measure overall happiness and quality of life.
But so far, none of these have stuck.
Maybe it's just too hard to put an economic value on that first sip of morning joe.
Hey everyone, Elizabeth here. Thanks so much for watching our video.
Be sure to check out more of your CNBC Explains over here.
And leave us any other ideas in the comments section.
Talk to you later!
For more infomation >> What is GDP? | CNBC Explains - Duration: 4:11.-------------------------------------------
Princess Eugenie's fiance Jack Brooksbank is 'not the most intelligent', jokes HIS grandma - Duration: 3:32.
Princess Eugenie will get married to her long-term boyfriend Jack Brooksbank on Friday October 12
While preparations are underway for the second Royal Wedding of the year, a person very close to Jack still can't believe he is about to marry into royalty
Joanna Newton, the 91-year-old grandmother of Princess Eugenie's fiance, told the MailOnline: "I never thought he would get married to a royal
"He's a charming boy and all that but not the most intelligent and I would never have thought this would happen
" Jack's grandmother also believes Eugenie's love for her adored grandson "says a lot" about the princess's personality
Describing Jack as a "good egg", Mrs Newton added: "I think it says a lot about Eugenie that it's him she wants and it's lovely
" Jack and Eugenie met seven years ago in Switzerland on a skiing holiday. As their relationship flourished with the passing of time and even survived when Princess Eugenie moved to New York for her work, Jack was welcomed by Eugenie's parents, Prince Andrew and Sarah Ferguson
Prince Andrew, said after the engagement announcement: "Jack is an absolutely outstanding young man and Eugenie and he have got to know each other over a number of years, and I'm really thrilled for them
"I'm just completely overjoyed for them and wish them every happiness." And the princess' mother, Sarah Ferguson, went as far as calling Jack a "son"
She wrote on Twitter: "We love Jack and I am so excited to have a son." The 32-year-old and Eugenie, 28, will exchange vows at St George's Chapel in Windsor, the same venue that saw Prince Harry and Meghan Markle become the Duke and Duchess of Sussex on May 19
PRINCESS EUGENIE'S ROYAL WEDDING: ALL WE KNOW - DATE, GUEST LIST, BRIDESMAIDS, DRESS However, unlike Meghan, Jack is not expected to be given a title
Royal titles are governed by the 1917 letters patent set up by King George V, the founder of the House of Windsor and Queen Elizabeth II's grandfather
This ruling states royal titles should be given only to senior members of the Royal Family or those in direct line of male succession
But this doesn't bother the loved-up pair at all. Speaking to the Mail on Sunday, a source said: "Eugenie couldn't care less about titles and is perfectly happy to be Mrs Brooksbank
" The pair will be joined in the church by more than 850 guests, including some high-profile celebrities, according to the Mail on Sunday
Among them, there are Eugenie's close friends model Cara Delavigne, singer Ellie Goulding and the Duke of Sussex's former girlfriends, Cheesy Davy and Cressida Bonas
And some 1,200 lucky royal fans, chosen by the wedding organisers, will be cheering for the bride and groom inside the grounds of Windsor Castle
More than 10,000 people applied to attend the Royal Wedding. The celebrations will last all night, with two wedding receptions already planned - the first hosted by the Queen and the second by the Duke of York
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Meghan is hailed as 'humble' and 'down to earth' after THIS gesture - Duration: 3:22.
The Duchess of Sussex has won praise for everything from her sense of style to her charity work, but it was something rather more low-key that attracted fans' attention last night
Meghan, 37, was hailed as 'humble' and 'down to earth' after she closed her own car door outside the Royal Academy of Arts in London
While royals typically have their car doors opened and closed by a member of staff, Meghan didn't think twice about shutting her own before making her way inside the building
The simple gesture impressed royal commentators, with one noting it was a rarity to see a royal on duty closing their own car door
And etiquette expert William Hanson said it was yet another sign Meghan intends to do things 'her own way'
'The Duchess of Sussex closing her own car door is yet another silent signal that she is going to be doing things her own way and helping adapt and progress the British monarchy,' he said
'Whether she thought long and hard about it before it happened, I doubt it, I suspect it was force of habit, but it is interesting to see that many have noticed as usually dignitaries have a member of staff to do this for them
'That comes from a security point of view, mainly, not just for perpetuating airs and graces
'However he noted: 'There would have been little security bother last night with Meghan closing her own door as she exited the car on the side closest to the Royal Academy
' The duchess was on hand to open the 'Oceania' exhibition in her first solo outing as a member of the Royal Family
She wore a £2,510 Givenchy dress and a £1,390 box clutch by the designer for the occasion
Christopher Wilson, author of titles including The Windsor Knot, Fergie and Charles V Diana, was among the first to note the break from royal protocol
He tweeted: 'First time I've seen an on-duty princess shut her own car door.'Followers commented on the significance of the moment, with one replying: 'Breaking all stereotypes I love this new generation
' Another added: 'I don't think #MeghanMarkle sees herself as better than anyone else
She knows that she and #PrineHarry are blessed to have found each other. I'm proud of her
Life is good.' A handful of eagle-eyed royal fans pointed out the duchess had also closed her own car door on arriving at the Together cookbook launch at Kensington Palace last Thursday
Arriving with her mother Doria Ragland and husband Prince Harry Meghan climbed out of the car and closed the door behind her
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The Story is Utah - LITTLE WOMEN (2018) - Duration: 2:12.
The movie is a modern adaptation of Little Women, the classic novel by Louisa May Alcott.
When we learned that the book was reaching its 150th anniversary in 2018, we thought
what better time to do a modern remake of the story.
Claire came to me last August and she asked if I'd be interested in writing an adaptation
of Little Women with her and I don't think she knew how big of a fan I am of Little Women...
I surrounded myself with people who support me and people who are good at their job and
so I felt pretty ready to go ahead and dive in mostly because I just, I knew the story
so well and I knew the script so well and I had a very clear vision of how I wanted
this film to be.
For me, coming and working in Utah is really like working with my family...
I filmed in other states and all over the country, all over the world and I've worked
with many different kinds of crews but no one matches the Utah crew.... We've had amazing
locations and um, I feel like Utah plays really well for many other places, which is what
makes it a really great place to film.
I have a lot of friends from Utah and you know they're all awesome, like such nice people.
I'm from Minnesota, you know, so people tend to think of Minnesotans as being really nice
but I think Utah gives them a run for their money.
It's also cool to get to know people who don't live where you live but have the same dreams
as you do and so to connect with them to share that same space and to collaborate, it's really
special and I think we are teaching each other different things so that's been really neat too
I think it's important that this story is told because it is still so relevant and overall
the story has such a strong sense of family and support and women supporting other women
and something we really need right now and a story that we need to share.
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