NDLI: Splitting GDP

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Splitting GDP

Content Provider	WatchKnowLearn
Description	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’ll get into specifics on how GDP is analyzed and used to study a country’s economy. You’ll learn two approaches for analysis: national spending and factor income. You’ll see GDP from both sides of the ledger: the spending and the receiving side. With the national spending approach, you’ll see how gross domestic product is split into three categories: consumption goods bought by the public, investment goods bought by the public, and government purchases. You’ll also learn how to avoid double counting in GDP calculation, by understanding how government purchases differ from government spending, in terms of GDP. After that, you’ll learn the other approach for GDP splitting: factor income. Here, you’ll view GDP as the total sum of employee compensation, rents, interest, and profit. You’ll understand how GDP looks from the other side—from the receiving end of the ledger, instead of the spending end. Finally, you’ll pay a visit to FRED (the Federal Reserve Economic Data website) again. FRED will help you understand how GDP and GDI (the name for GDP when you use the factor income approach) are used by economists in times of economic downturn. So, buckle in again. It’s time to hit the last stop on our GDP journey.
Language	English
Access Restriction	Open
Rights License	Educational Community License
Subject Keyword	k-12 homeschool Gross Domestic Product homeschooling home school parents educational videos k12 preK-12 Social Sciences Economics and Business Economics Social Studies Economics Concepts Macroeconomics
Content Type	Video
Educational Role	Student Teacher
Educational Use	Self Learning Lecture
Time Required	PT5M59S
Education Level	Class XI Class IX Class XII Class X
Pedagogy	Lecture cum Demonstration
Resource Type	Video Lecture
Subject	Measurement of National Income

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