Mr. Robinson
Westfield High School
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Circular Flow and GDP Calculation
Business Cycle NOTES: here

GDP Quick Reference: here

National Income Accounting NOTES: here
GDP Basic Information: here
Expenditure & Income Approach: here
Real versus Nominal GDP: here



GDP Practice: here
"GDP is generally understood to represent the health of a nation's economy, and most people realize that if GDP is growing, things are going well, while if it's falling things have turned sour in the economy. But what, precisely, does GDP measures? There are two primary methods for measuring GDP, which should yield the same result even though they measure completely different factors. 

-The income approach: measures the total incomes earned by households in a nation in a year.
-The expenditure approach: measures the total amount spent on the goods produced by a country in a year.

By examining the circular flow model of a nation's economy, we can demonstrate why every dollar earned by a household in a nation's resource market will ultimately be spent in the product market, or leaked through taxes, savings, and import spending, leading to injections in the form of government spending, investment and export sales."

14 Minute Instruction
ONE THING TO ADJUST 
IN THIS VIDEO!!!
- Income Approach takes 
   the NI (WIRP) and adds 
   Depreciation, net 
   foreign factor income, 
   indirect business taxes, 
   and statistical 
   discrepancy.
- This video is awesome, 
   but you need to keep 
   track of the adjustment 
   mentioned above!
In depth explanation of C + I + G + NX
4 Minute Instruction
Calculating GDP: Nominal GDP & year to year changes
8 Minute Instruction
GDP Basics
8 Minute Instruction
11 Minute Instruction
Real versus Nominal GDP
6 Minute Instruction
GDP Deflator