Gross Domestic Product (GDP) is a very important topic to understand in economics. It measures the monetary value of final goods and services of a country within a given time period and is a key metric which can be used to gauge a country’s standard of living. In the Alison free online economics course “Introduction to Gross Domestic Product“, you will learn about the circular flow of money in an economy. The components of Gross Domestic Product are identified and explained in terms of how different expenditure is categorized. A single Gross Domestic Product figure gives very little information so you will learn how to look at it in relation to past history by using Price Indexing to work out what is real growth and what inflation is when compared with a base year. This economics course will be of great interest to economics, finance and business professionals who would like a better understanding of Gross Domestic Product and its role as an indicator of the economic health of a country, and to any learner who wants to have a better understanding of financial news and how the economies of countries work.
Introduction to Gross Domestic Product Course Content
The course includes the following topics:
- The circular flow of money in an economy;
- Basic components of GDP;
- How the economists view investment versus consumption;
- The difference between Real and Nominal GDP;
- How to calculate the GDP Deflator;
- How to calculate real GDP using the Deflator.
Summary of Course Main Features
- Published by: Khan Academy
- Duration: 1-2 Hours
- Assessment: Yes
- Certification: Yes
- Level: Academic – Third Level – Level 1