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Introduction to Gross Domestic Product

  • Description
  • Outcome
  • Certification
  • 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;

  • All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma, Certificate or PDF.

    Having an official Alison document is a great way to share your success. Plus it’s:

    • Ideal for including in CVs, job applications and portfolios
    • An indication of your ability to learn and achieve high results
    • An incentive to continue to empower yourself through learning
    • A tangible way of supporting the Alison mission to empower people everywhere through education.

Introduction to Gross Domestic Product
  • Free

  • 1-2 Hours

  • Khan Academy

  • Assessment

  • Certification

  • 50 Pts

Modules List( 2 )
  • INTRODUCTION TO GROSS DOMESTIC PRODUCT IN ECONOMI...
  • Module
    1
    Introduction to Gross Domestic Product in Economics
    • In this module learn more about the significance of Gross Domestic Product (GDP) in economics.
    • Circular Flow of Income and Expenditures
    • Parsing Gross Domestic Product
    • More on Final and Intermediate GDP Contributions
    • Investment and Consumption
    • Income and Expenditure Views of GDP
    • Components of GDP
    • Examples of Accounting for GDP
    • Real GDP and Nominal GDP
    • GDP Deflator
    • Example Calculating Real GDP with a Deflator
  • END OF COURSE ASSESSMENT
  • Module
    2
    Introduction to Gross Domestic Product Assessment
    • You must score 80% or more to pass this assessment.
    • Fundamentals of Gross Domestic Product (GDP) Assessment
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