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CMA1.A7.a. define Gross Domestic Product (GDP) and demonstrate an understanding of its components CMA1.A7.b. calculate GDP using the expenditures approach and the income approach CMA1.A7.c. define Net Domestic Product (NDP), National Income (NI), Personal Income (PI), and Disposable Income (DI) CMA1.A7.d. distinguish among GDP, NDP, NI, PI, and DI and calculate one from another given relevant data CMA1.A7.e. demonstrate an understanding of the importance of GDP as a measure of a country’s economic prosperity CMA1.A7.f. identify the challenges inherent in the calculation of GDP, including data collection and accuracy limitations CMA1.A7.g. demonstrate an understanding of the price level and how it affects the measures of domestic output and national income CMA1.A7.h. define Consumer Price Index (CPI) CMA1.A7.i. differentiate between Nominal GDP and Real GDP CMA1.A7.j. demonstrate an understanding of the index of leading economic indicators as a forecast of GDP