George and Al, stranded on an island, use clamshells for money. Last year George caught three hundred fish and five wild boars. Al grew 200 bunches of bananas. In the two-person economy that George and Al set up, fish sell for one clamshell each, boars sell for ten clamshells each, and bananas go for five clamshells a bunch. George paid Al a total of thirty clamshells for helping him to dig bait for fishing, and also he purchased five of Al's mature banana trees for thirty clamshells each. Explain what the value of GDP is (in clamshells) in George and Al's island. Using economic terminology and your understanding of GDP explain why you included or excluded each item

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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George and Al, stranded on an island, use clamshells for money. Last year George caught three hundred fish and five wild boars. Al grew 200 bunches of bananas. In the two-person economy that George and Al set up, fish sell for one clamshell each, boars sell for ten clamshells each, and bananas go for five clamshells a bunch. George paid Al a total of thirty clamshells for helping him to dig bait for fishing, and also he purchased five of Al's mature banana trees for thirty clamshells each. Explain what the value of GDP is (in clamshells) in George and Al's island. Using economic terminology and your understanding of GDP explain why you included or excluded each item

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