could you please make a video on how to answer economics AS level Paper 1 and 2, I know you have in the past but could you do one for the recent papers? I’d really appreciate that because I’m doing my exam next year and I’m a private candidate
My plan is now to wrap up all the A2 content and then move on to exam paper walk throughs and exam technique. There are about 30-40 videos remaining of content which will take 1-2 months. When that is done, I will resume past paper walk throughs starting from the most recent papers.
Can you elaborate further by your statement "the GDP does not measure environmental damage but it does however, count the large scale harm to the environment"
Nissan builds a factory in the UK. The profits count towards Japanese GNI, but British GDP. What about the workers wages? Are they counted in British GNI?
Shouldn't the adjustment for inflation be the ratio of the value of the currency at the time the measurement was made to a common reference point. For example, if the year of the first measurement of GDP had a CPI of 1 and the year of the second measurement of GDP had a value of 2, comparing the Real GDP for the two years would require dividing the GDP for the second year by 2. You seem to imply that inflation is the CPI, while I was always told that it was the rate of change of the CPI. I'm going to have to view this again.
@@EnhanceTuition we had an econs paper 4 a level today, that is what I was referring to, you saved my life tho. Surprisingly Consumer Behavior and Development did not come.
How data is collected to calculate all services and goods. Let's take the example of a barber. How it is calculated that for how many consumers he gave his service in a period of time. Please explain.
Hi Angela, good question. As I prepared the video I did research into each of the measures. I use the definition of GNP as provided by the UN here: "Gross national income (GNI) is GDP less net taxes on production and imports, less compensation of employees and property income payable to the rest of the world plus the corresponding items receivable from the rest of the world (in other words, GDP less primary incomes payable to non-resident units plus primary incomes receivable from non-resident units); an alternative approach to measuring GNI at market prices is as the aggregate value of the balances of gross primary incomes for all sectors; (note that gross national income is identical to gross national product (GNP) as previously used in national accounts generally)." Source: unstats.un.org/unsd/nationalaccount/glossresults.asp?gID=230 The last sentence of that definition states that GNP and GNI are identical. However, if you look online you might find some disparity with respect to the definition. I'd trust Investopedia's classification of the differences which can be found here: www.investopedia.com/terms/g/gross-national-income-gni.asp For this video I accept the UN definition as it is the most widely accepted definition of the term.
Watched the entire video for the GNI definition. Well worth it. One of the most concise and digestible explanations I've come across. Thank you!
What is the difference between GNI and NNP please explain more.on GNI l am not understanding
i didnt get the gdp calculation
how did you come up with 1.1 and 1.o5
Same here sir.
we should add 1 after dividing 10/100 and 5/100
hence 10/100=0.1 +1=1.1
and 5/100=0.05 +1=1.05
@@siddheshwariramoo5563 why?
@@hanamuneer8233 RGDP=Money GDP × (price index in base year/price index in current year) so in this case RGDP= 1100 × (100/110) = $1000
could you please make a video on how to answer economics AS level Paper 1 and 2, I know you have in the past but could you do one for the recent papers? I’d really appreciate that because I’m doing my exam next year and I’m a private candidate
My plan is now to wrap up all the A2 content and then move on to exam paper walk throughs and exam technique. There are about 30-40 videos remaining of content which will take 1-2 months. When that is done, I will resume past paper walk throughs starting from the most recent papers.
@@EnhanceTuition thank you, I’ll be waiting🤞🏾
What is the source for calculating no.of goods and services.
Where’s gnp
If the net factor income from abroad is not included in the GDP, why is it included in the computation of GDP using the income approach?
Only the domestic income is calculated for GDP
Can you elaborate further by your statement "the GDP does not measure environmental damage but it does however, count the large scale harm to the environment"
That's not the full statement. I said GDP does not measure environmental damage, but large scale production that harms the environment is.
Negative externalitiea
Nissan builds a factory in the UK. The profits count towards Japanese GNI, but British GDP. What about the workers wages? Are they counted in British GNI?
I think they are counted in British GNI because they are income received by citizens from non citizens
British Gdp i assume. Money is still spent in the country so its GDP
I don't get the way you calculated real GDP
Shouldn't the adjustment for inflation be the ratio of the value of the currency at the time the measurement was made to a common reference point. For example, if the year of the first measurement of GDP had a CPI of 1 and the year of the second measurement of GDP had a value of 2, comparing the Real GDP for the two years would require dividing the GDP for the second year by 2. You seem to imply that inflation is the CPI, while I was always told that it was the rate of change of the CPI. I'm going to have to view this again.
Inflation is the percentage change in CPI between two periods of time.
How to draw graphs for these in exams
Not needed for these three.
sure you have econs p4
In paper 4 there are plenty of diagrams but not for these three measures. Maybe PPC or LRAS/AD for Real GDP but not in the sense of this video.
@@EnhanceTuition we had an econs paper 4 a level today, that is what I was referring to, you saved my life tho. Surprisingly Consumer Behavior and Development did not come.
Ah right. That I knew - were you happy with the paper? I am glad my channel was helpful!
I dont understand at all how you calculated the real gdp where is 1.05 and 1.1 coming from
How data is collected to calculate all services and goods. Let's take the example of a barber. How it is calculated that for how many consumers he gave his service in a period of time. Please explain.
Sir, what is the difference GNI and GNP?
Hi Angela, good question. As I prepared the video I did research into each of the measures. I use the definition of GNP as provided by the UN here:
"Gross national income (GNI) is GDP less net taxes on production and imports, less compensation of employees and property income payable to the rest of the world plus the corresponding items receivable from the rest of the world (in other words, GDP less primary incomes payable to non-resident units plus primary incomes receivable from non-resident units); an alternative approach to measuring GNI at market prices is as the aggregate value of the balances of gross primary incomes for all sectors; (note that gross national income is identical to gross national product (GNP) as previously used in national accounts generally)."
Source: unstats.un.org/unsd/nationalaccount/glossresults.asp?gID=230
The last sentence of that definition states that GNP and GNI are identical. However, if you look online you might find some disparity with respect to the definition.
I'd trust Investopedia's classification of the differences which can be found here: www.investopedia.com/terms/g/gross-national-income-gni.asp
For this video I accept the UN definition as it is the most widely accepted definition of the term.
@@EnhanceTuition This is really helpful, thank you so much
Thank you so so much. Such a cheese explanation.
Thank you so much; now I understand.
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