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.