What you’ll learn to do: explain GDP, including what it measures and what it excludes
GDP. You’ve heard of it before, but what it is? In this section, you will learn to define the Gross Domestic Product and see how economists are able to calculate the value of all of the goods and services produced within a country during a year.
The specific things you’ll learn in this section include:
- Explain the expenditure approach to calculating GDP
- Explain the national income approach to calculating GDP
The learning activities for this section include:
- Reading: Calculating GDP
- Reading: Measuring Total Output
- Self Check: Calculating GDP
Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.