Macro Unit 2.1- GDP and Economic GDP explained | What is GDP? | How is GDP calculated? 5 months ago   03:38

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Jacob Clifford
In this short video I explain GDP, the components of GDP, and what is not included in the Gross Domestic Product. Thanks for watching, please subscribe

If you need more help, check out my Ultimate Review Packet
http://www.acdcecon.com/#!review-packet/czji

Comments 163 Comments

Mark Sengalang
is real and nominal gdp the same as actual and potential gdp?
Muhammad Sadiq Mughal
Hilarious how Mr Clifford said 100 dollars inside the price of the car xD
Samir Khan
That plumber story i have heard or seen it somewhere
GORGONasfm
agaga
Anometa Ungounga
your video make me understand about gdp
Umer Ahmed
Best economics teacher on YouTube and beyknd
DRAE
How do I retain this information guys? 😬
Zazo Pink
I think its funny when I watch a commercial and it has 4 different races in it. Haha.
Ms. Ballard
OMG you are a life saver
Bender Bending Rodriguez
why does the US. import more than export?
KEN BEE
I am a plumber and I approve this message
😆
Bikila Keno
i love your way of teaching really love you !!!!!!!
phoenixmaster13
She falls in love with the plumber? Sounds like a porno cliché to me :-O.
Anyway good series thank you!
Moelilian
😂😂😂😂what kind example I weak
Big Smoke
Why can't you be my teacher?
Kasper Pedersen
how can this ever match up - lets say someone sold illegal drugs for 2 million dollars. He now goes and spend these on cars. This would mean that Consumption has risen 2 million but not production??
jetski Dex
Cocaine is one hella of a drug.
Wesley K.
8/15/18 - Economy GDP up 4.1%. Trump 2020
Thandokazi Nyobole
Oh my gosh!! Thank God for this! I'm most definitely downloading your review packet and subscribing to this channel. Wow,you're a great teacher.
domo so
noice
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GDP explained | What is GDP? | How is GDP calculated? Macro Unit 2.1- GDP and Economic 5 months ago   09:54

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What is GDP (Gross Domestic Product) -- GDP is the total monetary value of the final goods and services produced within the geographical boundaries of a country in a given period of time.

For a more detailed explanation of the terms:
GROSS: The depreciation in the capital assets of the country, occurred during the year is inclusive. This means, the monetary value of loss of assets due to production activities had not been deducted. If we do deduct it, it becomes NET.

DOMESTIC: Domestic implies, produced within the geographical boundaries. It does not take into account the country's earning outside its geographical boundaries, or foreign remittances. Neither does it deduct transfers outside of the country. If these remittances are added and the transfers deducted, the value becomes NATIONAL.

PRODUCT: The final goods and services. Final implies that intermediate goods are not taken into account. For example, wheat sold for final consumption to consumers will be taken into account, but the amount of wheat sold to bakeries for further production of bread will not be added. The value of bread will be taken into account which will be inclusive of the value of its input: wheat. This is done to avoid double counting.

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