The components of GDP using the Expenditure Approach are:

a) Personal consumption purchases – i.e. food, clothing, recreation, etc.

b) Gross private investment (which includes depreciation) – production or construction of capital goods that provide possible future service

c) Government consumption and gross investment – expenditures on such items as office supplies, law enforcement, government facilities that are utilized

d) Net exports – total exports minus total imports

Gross National Product (GNP) is national income added with depreciation and indirect business taxes. National income is comprised of the sum of employee compensation, proprietors’ income, rents, corporate profits, and

Mongolia’s GDP per capita was estimated to be $1,840 in 2002. The major components of Mongolia’s industry are construction materials, mining (coal, copper, molybdenum, fluorspar and gold), oil, food and beverages and processing of animal products. Ulaanbaatar, the nation’s capital, is the main center for all of the GDP activities.

The agricultural products of Korea include rice, root crops, barely, vegetables, fruit, cattle, pigs, chickens, milk, eggs and fish. Beef is very expensive there because of the scarcity of land of which to raise cattle. Agriculture composes about 4.4% of GDP, while industry is 41.6% and services 54%. Imports restrictions, sponsorship of specific industries and strong labor efforts have helped South Korea’s GDP become equal to the lesser economies of Eastern Europe. I believe that the GNP would not be substantially smaller than the GDP due to all the exporting that South Korea does with other countries, mainly Japan and US. If I had to do a guess, the GNP would probably be around $12-$14,000 range.

I have chosen discuss the economies of South Korea and Mongolia. South Korea’s GDP per capita was estimated to be $19,400 in 2002. The major components of South Korea’s industry are electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing and footwear. The Korean manufacturers that produce electronics and automobiles dominate the consumer market in South Korea. Hyundai, Kia and Daewoo are the three major car companies. Samsung and LG are the two major electronic companies. Because of high tariffs, Koreans do not have a substantial amount of imports from other countries, whether it is automobile or electrical. Only the aristocratic portion of the populous can afford these luxuries.

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