Introduction to Gross Domestic Product
ID: 538 | Video: High | Audio: High | Animation: None
Equivalent to FETAC: Level 5 | Equivalent to QCF (UK): Level 3
Learn more about the fundamentals of gross domestic product (GDP).
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 this free online economics course you will start by learning about the circular flow of money in an economy. The components of Gross Domestic Product are then identified and explained in terms of how different expenditure is categorised. 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 free online 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.
Learning outcomes: - Understand the circular flow of money in an economy; - Learn about the basic components of GDP; - See how the economists view investment versus consumption; - Understand the difference between Real and Nominal GDP; - Learn how to calculate the GDP Deflator; - See how to calculate real GDP using the Deflator;