AS Macroeconomics: Gross Domestic Product

Gross Domestic Product (GDP) is the total value of all goods consumed/produced in an economy. It is often given for a one-year period. For example, in 2009, total GDP achieved in the UK was £1,400,000,000,000. How much is that in words? Answers by the end of term please!
GDP can be calculated by adding the value of its components together: Private Consumption, Private Investment, Government Expenditure and Net Exports.

C + I + G + (X-M) = GDP or total consumption /aggregate demand in the economy

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