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Gross Domestic Product

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Not Right For WatchKnowLearn
Ages: 14 - 18
1189 Views:
Basic Facts of Wealth
From YouTube, produced by Marginal Revolution University
(04:28) We know that there are rich countries, poor countries, and countries somewhere in between. Economically speaking, Japan isn’t Denmark. Denmark isn’t Madagascar, and Madagascar isn’t Argentina. These countries are all different. But how diff... [more]
December 14, 2017 at 10:40 AM
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Not Right For WatchKnowLearn
Ages: 14 - 18
892 Views:
Nominal vs. Real GDP
From YouTube, produced by Marginal Revolution University
"Are you better off today than you were 4 years ago? What about 40 years ago?"  These sorts of questions invite a different kind of query: what exactly do we mean, when we say “better off?” And more importantly, how do we know if we’re better off o... [more]
December 14, 2017 at 10:14 AM
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Not Right For WatchKnowLearn
Ages: 14 - 18
887 Views:
Real GDP Per Capita and the Standard of Living
From YouTube, produced by Marginal Revolution University
They say what matters most in life are the things money can’t buy. So far, we’ve been paying attention to a figure that’s intimately linked to the things money can buy. That figure is GDP, both nominal, and real. But before you write off GDP as str... [more]
December 14, 2017 at 10:19 AM
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Not Right For WatchKnowLearn
Ages: 14 - 18
884 Views:
Growth Rates Are Crucial
From YouTube, produced by Marginal Revolution University
In the first video in this section on The Wealth of Nations and Economic Growth, you learned a basic fact of economic wealth—that countries can vary widely in standard of living. Specifically, you learned how variations in real GDP per capita can set... [more]
December 14, 2017 at 10:48 AM
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Not Right For WatchKnowLearn
Ages: 14 - 18
839 Views:
What is Gross Domestic Product (GDP)?
From YouTube, produced by Marginal Revolution University
(04:35) Picture the economy as a giant supermarket, with billions of goods and services inside. At the checkout line, you watch as the cashier rings up the price for each finished good or service sold. What have you just observed? The cashier is c... [more]
December 14, 2017 at 10:08 AM
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Not Right For WatchKnowLearn
Ages: 14 - 18
785 Views:
Splitting GDP
From YouTube, produced by Marginal Revolution University
In the last three videos, you learned the basics of GDP: how to compute it, and how to account for inflation and population increases. You also learned how real GDP per capita is useful as a quick measure for standard of living. This time round, we... [more]
December 14, 2017 at 10:24 AM
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Not Right For WatchKnowLearn
Ages: 14 - 18
782 Views:
Office Hours: Rule of 70
From YouTube, produced by Marginal Revolution University
One of the of the practice questions from our "Growth Rates Are Crucial" video asks you to compare real GDP per capita for two countries that start at the same place, but grow at different rates. It’s a little tricky: Suppose two countries start wi... [more]
December 14, 2017 at 10:52 AM
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