What is Gross Domestic Product (GDP)?
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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 computing a very important number: gross domestic product, or GDP. GDP is the market value of all finished goods and services, produced within a country in a year. But, what does "market value" mean? And what defines a "finished good"? These, and more questions, percolate inside your head. Meanwhile, the cashier starts ringing up the total, and you’re left confused. An array of things pass by you — A bottle of wine. A carton of eggs. A cake from the local bakers. A tractor, of all things. A bunch of ballpens. A bag of flour. In this video, join us as we show you how to make sense of this important economic indicator. You’ll learn how GDP is computed, and you’ll get answers to some pretty interesting questions along the way. Questions like, “Why are the eggs in my homemade omelet part of the GDP, but the eggs my baker uses are not? Why does my bottle of French wine contribute to France’s GDP, even if I bought it in the United States?” Most importantly, you’ll also learn why polar bears aren’t part of the GDP computation, even if they’re incredibly cute. So, buckle in for a bit—in the following videos we’ll dive into specifics on GDP. Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1p4ZtxL Next video: http://bit.ly/1mY2bn0 Help us caption & translate this video! http://amara.org/v/HZv3/
Comments
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GOD BLESS YOUTUBE and Channels like these :)
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OH MY GOD!!! FINALLY I understood what the hell is this.... THANKS!! :D :-*
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NICE VIDEO
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you guys are far better than my lecturer
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25*5=65/5=1.1 *6=6.1*4=24.1/2=12.1/6=2.2
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What if someone bought ingredients to bake a cake. A month after the purchase the customer bakes a cake and sells it at a school fair. Would the ingredients and the cake sold add to the GDP or woud it be the ingredients or would it be the cake?
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It would have been better if you could elaborate on the finished services part. The videos are great btw.
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If the tractor was produced in a previous year do we need to add it's value to the GDP
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I would like to ask some questions. Does the sale of a country's natural resources like timber, oil and natural gases, etc. is included in GDP or not? and why? Considering they are unfinished products.
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Same explanation in class 10 economics ncert book
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Thank you 😍👌
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One big hug to you guys for making these videos and helping neophytes like me to try and understand economics. Thank you
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thank u so much
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cool lesson!!!
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Hi I really love your channel and I download your material and watch it on my tab in a taxi to school. Please number your videos so that they can be arranged in order in my download folder. Thank you in advance.
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Guys, your videos are great! Thanks a lot!
However I do have a question: The apple computer in your example is actually produced in China but designed in California. So does the finished computer then add on China's GDP or the States' one? Thanks for your answer!
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I think that, the price of caterpillar is actually included in price of poteto. And farmer woud not use caterpillar if it was not necesery to produce it. Do we include to the GDP new elevator to new bulding ? Do we include new elevator to old bulding if old one went wrong ?
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