Preparing to teach basic economic concepts - national income, circular flow etc and found this really helpful in terms of a way to explain this clearly - many thanks
Wow, this was such a better explanation than my instructor. This answered every one of my lingering questions and even explained things I didn't know I didn't understand well. So very happy to have found this before my exam. Thank you!
I think we need a clarification @9:00. Some government spending should be excluded in GDP calculation such as social security payments and welfare payments. These spendings are called "Non-production transactions."
Thanks for this video. I have a question :I don't understand the example on the t-shirt buy in China . if i buy a product in a foreigner market how the money spent will return in US by export ? assuming that in the video we say an import is leakage in the cycle.
In which category public corporate and sales taxes should be included? Since transfer payments (welfare) isn’t part of GDP but financed through taxation, shouldn’t taxation be recorded as Government income?
I believe the best way to measure a nations economy is to factor it's GDP, it's export/imports and it's external debt. If I can come up with an equation representing this factors I am certain a better comprehension of an economy can be illustrated. But the GDP portion my need to be tweaked. In any case please tell me what you think.
thank you for explanation! but I still can not understand why it is said that household earned in the resource market ultimately is spent in the product market？ I think they may save some money, and invest to the firms instead of buying goods in the product market.
Could some one help me get this straight in my head. At the end of the video he states all money spent on imports will always come back as reciprocal money spent on exports. Is this really true. I thought if imports are bought the foreign country receives foreign exchange which would be changed into their domestic currency but not come back to as goods. I've always thought of imports as a "permanent" leak of domestic expenditure.
In summary in this video clip, income= expense. Is it correct? I am not sure. As I know, income - expense = profit or Loss. So the way to measure GDP by income appoarch and expenditure approach is not equal. That 's why 2 countries have the same number of GDP but one has national debt. Another has not. And one more thing, government get money from 1. Tax ( normal way) 2. Borrow ( called bonds) 3. Just print money (called QE)
tnx for the video.. sir do you know where to get those data for me to compute the gdp or estimate the future gdp of a certain country like the US or Eu? any online resources?
It is an amazing video for understanding the method of calculating GDP. It would be great if you could explain how a government calculate in reality? Where they collect the data? How to estimate the deviation of calculation?
Is it arguable that Household-Consumption on the Expenditure side covers almost everything in the Income Approach to GDP alone? Since money is only spent or saved wouldn't that cover all total income? If that is all true, isn't the expenditure side superior because it also incorporates the government and foreigners where as the Income side does not. Any help is appreciated.
I comprehend the theory of GDP, but I don't see how this theory represents a nations economy. The theory is based on consuming and spending which if you think about it leaves less money in the bank, less money in the bank means less lending, but more money in circulation which means less money in peoples' pockets, which in turn means a leak in the circular flow in the form of buying raw materials from abroad or a labor shortage or a labor influx all which have a negative impact on the cir. flow?
Is it easy to say that GDP is how money runs? My thoughts are ex. If the majority of people doesn't buy more often it will result into low GDP compare to a country who spends a lot will get higher GDP?
Usually I don't make comments......but here I can't stop myself but to appreciate this one.
The only video that made me properly understand how GDP is measured with the Income approach!
ربنا يخليك لينا يا اسطا، دانا منغيرك زماني سقط
you explain better than my teachers at school, thank youuuuuu
One of the best Economics videos available on UA-cam, very confident approaching my exams!
The best video about GDP measurement.
Agreed, I feel confident going into exam today lol
word
Preparing to teach basic economic concepts - national income, circular flow etc and found this really helpful in terms of a way to explain this clearly - many thanks
This one video is pretty much everything you need to know, brilliantly explained.
thank you for a simple to understand lesson.
you helped shorten the hours spent studying.
So thankful for these videos!!! I kept reading my book and just couldn't get it, so thank you!
Wow, this was such a better explanation than my instructor. This answered every one of my lingering questions and even explained things I didn't know I didn't understand well. So very happy to have found this before my exam. Thank you!
hy, Madam have you any idea how is lm model application?
if u hv then help me i m failed to understand how this model work?
These videos are genuinely excellent I'm sure people learn more thanks to videos like these than they do in lectures
This is probably the best explanation on GDP. Concise, simple & informative :)
Macroeconomics tomorrow and you just saved my life!! Thumbs upp professor :))
How was the exam?
@@shockwave2477 lol i dont think hes gon reply after 7 years
No, you can’t prepare for exam from one UA-cam video.
One of the best teacher on economics
A brilliant explanation! Thank you!
Wow! This is literally the best video for measuring GDP and circular flow! Love the content!! Thank you!
thanks man, was really helpful for my midterm
best explanation of gdp calculation. comprehensive yet simple
I think we need a clarification @9:00. Some government spending should be excluded in GDP calculation such as social security payments and welfare payments. These spendings are called "Non-production transactions."
Great lecture series Jason.
Thank you very much. I have spent days trying to understand this but did not until today. Really appreciate you.
Can this method be done at a city/district level
Your explanation is good enough to teach at any age. Thank you.
I am from science background. But the way of explanation help me a lot to understand about GD.. thanks a lot Sir
Why are taxes collected by the government not accounted in the income approach method ?
Thanks, this is completely what I was looking for
Very clear, precise and coherent. Thank you.
Most usefull and effective video to understand the GDP of a country.
Thank you for clearing my doubt and making this easy to understand.
This taught me more than my prof does in 2 weeks of lecture. College is pointless and expensive.
Thanks for this video. I have a question :I don't understand the example on the t-shirt buy in China . if i buy a product in a foreigner market how the money spent will return in US by export ? assuming that in the video we say an import is leakage in the cycle.
In which category public corporate and sales taxes should be included?
Since transfer payments (welfare) isn’t part of GDP but financed through taxation, shouldn’t taxation be recorded as Government income?
Thanks for the great walkthrough!
Awesome, clear and understandable
Wow...you made the understanding very easy and simple❤👏👏
I believe the best way to measure a nations economy is to factor it's GDP, it's export/imports and it's external debt. If I can come up with an equation representing this factors I am certain a better comprehension of an economy can be illustrated. But the GDP portion my need to be tweaked. In any case please tell me what you think.
Love your work n teaching skills,
U made it very Simple and Easy.!
Brilliant, very simplified and easy to understand
Ah the classic income and expenditure approach. Makes me miss teaching!
finally understood GDP
WELL DONE AND THANKS
why we add depreciation in GDP when we calculate by income approach?
thank you for explanation! but I still can not understand why it is said that household earned in the resource market ultimately is spent in the product market？ I think they may save some money, and invest to the firms instead of buying goods in the product market.
Is expenditure and income approach should the same output or must be veryical?
Countless thanks for magical explanation 👍🏼
Totally helped to get through my econ assignments.
You're a life savior.....my economic Jesus Christ!
It nice Presentation about GDP. thank you
Could some one help me get this straight in my head. At the end of the video he states all money spent on imports will always come back as reciprocal money spent on exports.
Is this really true.
I thought if imports are bought the foreign country receives foreign exchange which would be changed into their domestic currency but not come back to as goods.
I've always thought of imports as a "permanent" leak of domestic expenditure.
awesome. keep it up sir!
i understood this more than my macroeconomic teacher greeting from me to you i appreciate your efforts
profound and clear explanation of GDP. thank you!
Awesome! thank you so much... every well explained!
Thank you sir I am very helpful for this vedio
How do one calculate GDP in a Cummunistic economy?
How are direct taxes treated in GDP by income method
Excellent video
Beautiful explanation.. I also want to know the product approach. Thanks a lot
thank u...that's the best video to understand Gdp mesurmt
Sir i am your new subscriber...👍
In summary in this video clip, income= expense. Is it correct? I am not sure. As I know, income - expense = profit or Loss. So the way to measure GDP by income appoarch and expenditure approach is not equal. That 's why 2 countries have the same number of GDP but one has national debt. Another has not.
And one more thing, government get money from
1. Tax ( normal way)
2. Borrow ( called bonds)
3. Just print money (called QE)
May I ask about the third approach which is Output Approach?
Hi Jason please make videos on econometrics.. yo u really did a great job... cheers
Thanks 😊 it's very helpful.
Hello, great vid. I would love, if you have time, a copy of your flow diagram, i cannot find anything like it.
thank you for this! I really learned a lot!
tnx for the video..
sir do you know where to get those data for me to compute the gdp or estimate the future gdp of a certain country like the US or Eu? any online resources?
Only money in the flow chart is calculated in the gdp ?
Excellent video.. Thank you so much
Excellent upload
awesome !! I got it finally (thumb up)
Great job
So simple. Thank you so much. What software did you use to give this explanation???
Awesome video. Really helped me. Thank you :)
Thank you! This helped me out a ton!
It is an amazing video for understanding the method of calculating GDP. It would be great if you could explain how a government calculate in reality? Where they collect the data? How to estimate the deviation of calculation?
Concepts clear. Thank you so much.
great video...helped me alot
Thank you sir, it was extremely useful.
thank you so much , great explanation!!
Thanks for that lecture!
Very helpful ,thank you .
Thanks for a great lesson
Thank you. It was refreshing.
its very good learn
Very helpful! Thank you so much.
Thank you, it was really useful.
Great video... thanks!
Is it arguable that Household-Consumption on the Expenditure side covers almost everything in the Income Approach to GDP alone? Since money is only spent or saved wouldn't that cover all total income? If that is all true, isn't the expenditure side superior because it also incorporates the government and foreigners where as the Income side does not. Any help is appreciated.
Thank you. Crystal clear
very good explanation. did u study in St. Gallen?
nice video
Thank you, well presented.
Thank you and God bless you and your family real good in Jesus mighty name for this good work. Amen.
very well explained
where does the intro music come from?
Brad Sucks- making me nervous.
Karl Von Der Marwitz Thanks man
knowledge always meant to be shared. Thanks :)
thank you so much for this :D it was really helpful
I comprehend the theory of GDP, but I don't see how this theory represents a nations economy. The theory is based on consuming and spending which if you think about it leaves less money in the bank, less money in the bank means less lending, but more money in circulation which means less money in peoples' pockets, which in turn means a leak in the circular flow in the form of buying raw materials from abroad or a labor shortage or a labor influx all which have a negative impact on the cir. flow?
Is it easy to say that GDP is how money runs?
My thoughts are ex. If the majority of people doesn't buy more often it will result into low GDP compare to a country who spends a lot will get higher GDP?
thanks so much for this video
very helpful, thank you!