Lesson 3 of4
In Progress

Measuring the Macroeconomy

Abdulaziz July 22, 2020

In this lesson, we learn:

  • The importance of gross domestic product (GDP)
  • The composition of GDP, and how it has changed over time.
  • How to use GDP to examine
    • the evolution of living standards
    • differences in living standards across countries.
  • National income accounting
    • Method of aggregating the production of diverse goods into a single measure of overall economic activity.
  • National accounting
    • State of an economy at a given time.
    • Changes to an economy over time.
    • Differences across countries.