GDP and the Circular Flow- Macro Topic 2.1

Рет қаралды 487,186

Күн бұрын

In this episode I explain the Gross Domestic Product (GDP), the three ways it is calculated, and connect it to the financial sector. I also explain how George Washington's death is similar to the Great Depression. Weird huh? Thanks for watching.
The answers to the multiple-choice questions are below:
1. A
2. C
3. D
4. C
How to download the Circular Flow and GDP Practice Sheet
Step 1: Go to: acdcecon.thinkific.com
Step 2: Create a free account
Step 3: Enroll in the free version of the MACROeconomics packet (either AP or College)
Step 4: Go to Unit 2- "Circular Flow and GDP Practice Sheet (with answers)"
Step 5: Download the PDF, fill it out, and check your answers
Note Teachers- Do not print the practice sheet and give it to your students. This is NOT for in-class use. If you are interested in getting worksheets for your class, please go to my website: www.acdcecon.com/bulk-discount
Circular Flow Video- • Circular Flow Matrix- ...
Econmovies Cars Video- • EconMovies #5: Cars (R...

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@JacobAClifford 4 жыл бұрын

The answers to the practice multiple-choice questions are below. Just click on "Read more". 1. A 2. C 3. D 4. C How to download the Circular Flow and GDP Practice Sheet Step 1: Go to: acdcecon.thinkific.com Step 2: Create a free account Step 3: Enroll in the free version of the MACROeconomics packet (either AP or College) Step 4: Go to Unit 2- "Circular Flow and GDP Practice Sheet (with answers)" Step 5: Download the PDF, fill it out, and check your answers *Note* Teachers- Do not print the practice sheet and give it to your students. This is NOT for in-class use. If you are interested in getting worksheets for your class, please go to my website: www.acdcecon.com/bulk-discount

@JacobAClifford 4 жыл бұрын

@@craigsanders7893 I'm sorry thaat there was a mistak. I cant fix it now, but im sure you're students can forigive me

@andrewfurie7629 4 жыл бұрын

Jacob Clifford absolute savage

@jellyboi999 4 жыл бұрын

I see what you did there. Very clever. Also I got 4 out of 4 first try. Thanks for all your help you legend

@jonathanlee6660 4 жыл бұрын

love how the answer is ACDC

@shifterv2912 3 жыл бұрын

Thank you so much for posting the answers. Saved me 4 points

@shanyabowen8408 4 жыл бұрын

SOMEBODY GIVE THIS MAN A SCHOOL!

@user-qf5nq3cs9x 3 жыл бұрын

he is a teacher already

@thisisyoutubetv3235 Жыл бұрын

@@user-qf5nq3cs9x A whole School...

@catherinecocuo483 Жыл бұрын

He doesn’t need to work for or with a school,,,, he is an entrepreneur already 😅

@Papermarioenjoyersince2001 Ай бұрын

Yes but we need *him*@@catherinecocuo483

@lawrencegaceta4839 4 жыл бұрын

Thank you for the refresher! I am truly 1% smarter than yesterday after watching your video. Your macro-econ segment should be a must-watch video for all U.S. policymaking individuals and those who want a creative bare-bones approach to grasping GDP / Circular flow concepts. Keep cranking!

@michaelpisciarino5348 4 жыл бұрын

0:13 A Doctor in 1799 (A Presidental Loss) 6:48 The Great Depression, The Federal Reserve decreased the money supply 0:27 An Economist in 1929 (The Great Depression) 0:54 GDP, Gross Domestic Product 1:30 Measured in Dollars 1:52 Produced within the company, by a US company or a Foreign Company 2:09 Three Approaches to calculate GDP The Expenditures Approach (The Purchases focused approach) 2:23 C + Ig + G + Xn 4:37 A Ridiculous Situation 5:08 What Does NOT Count In GDP 5:47 The Circular Flow Model 6:16 The Approches are illustrated by The Circular Flow Model

@economicsteachers8112 4 жыл бұрын

Super helpful

@yahyamotara7590 3 жыл бұрын

Tysm

@xampaguitas 3 жыл бұрын

I have a test tomorrow and I needed resources to help me expand my knowledge about these topics. I am truly grateful for this marvelous video!! :))

@v.xien. Жыл бұрын

I can only learn from this guy, he's the best econ teacher and actually makes sense

@manavsridharan3811 4 жыл бұрын

I'm done with econ and I passed Micro and Macro(much thanks to you) but I still keep coming back to these. Great stuff!

@thonkbaguette8452 4 жыл бұрын

samee

@charlesjesseniah6886 3 жыл бұрын

same here chuckles i guess i missed the great teacher. lol

@Meohmy96 4 жыл бұрын

AC/DC is the answer and it’s in the background lol I see what you did there

@beanscornbread1381 4 жыл бұрын

This brings me back to my college days using this channels videos to study. Very nice stroll down memory lane!

@thekid3376 Жыл бұрын

shut up dummy

@jmg9509 4 жыл бұрын

Mr. Clifford thinks he's sly with those answers xD

@gplol284 4 жыл бұрын

Thanks a lot for the amazing video!! It helped me a lot!! I didn't understand it when my econ teacher explained it, but with your video I completely understood everything!! Thank you!

@informationprocessor 4 жыл бұрын

Very happy with your video. I got a 4 on both the AP tests.

@louiseradovanski4287 3 жыл бұрын

Your videos are awesome. I'm studying for my CPA exam, BEC, thank you very much!

@jessicab3986 4 жыл бұрын

Love the new set! Thanks for all the videos. I could not have done Econ without you!

@thekid3376 Жыл бұрын

shut up

@iwannasleep8939 3 жыл бұрын

his hair went from black to grey- thank you for teaching econs all these year, your videos are super helpful!

@alexisjones9267 2 жыл бұрын

Thank you very much! I really appreciate how you connected it to the depression and the lifeblood of the economy. It helps me understand what GDP really means

@Tiberius_Gracchus 4 жыл бұрын

So i go to one of the top MBA programs in the US and this guy taught me better in 10mins than my professor did with a chapter reading + 3 hour lecture....WONDERFUL. But seriously - good job Mr Clifford!

@amberroberts6875 2 жыл бұрын

You just put this on here for free? Wow. Thank you so much.

@pavitaataya8682 3 жыл бұрын

you make this lesson understandable, thank u!

@vennelajilla717 3 жыл бұрын

when i said "not you, you understand economics" at 0:46 i wanted to cry-

@arlo5407 4 жыл бұрын

I want the app back!!!! thanks for this great explanation

@15.irwansubhanazuari17 3 жыл бұрын

i love ur presentation, thanks for the video

@bookcaseborsum2184 3 жыл бұрын

There are 31 people who aren't trying hard enough to appreciate this guy

@JJ-fm9fj 4 жыл бұрын

Thank you so very much Mister Clifford! Your content is very helpful and unique in whole internet. It has helped me a lot. Thank you so very much Sir, I really do appreciate you and your job! Getting ready to get into HKS and looking forward to meet you one day!

@tharunkumar1774 4 жыл бұрын

Thank u very much sir for lectures provided by u very much interesting u r lectures

@joannemagat6040 4 жыл бұрын

This just about summoned up my first lecture for macro, thank you so much!!

@iivvyy1127 4 жыл бұрын

FACTS!!! my exam is tomorrow and I'm so nervous!

@joannemagat6040 4 жыл бұрын

@@iivvyy1127 Best of luck!!!! Hope you do great!!

@iivvyy1127 4 жыл бұрын

Joanne Magat I just took it and it was hard af😭

@user-wz2jz5kh9s 3 ай бұрын

Sirr idk how to thank u but im just speechless god bless u i used to know nth thanks to u after i joined eco department ubhelped me alot❤❤❤❤❤

@virendrachaudhary5832 4 жыл бұрын

I like this video very much.

@olayinkaahmed1320 Жыл бұрын

have been following your page and its been really helping and mind blowing 🥰🥰🥰🥰

@OmariTube 8 ай бұрын

Youre the best sir. I am learning a lot on here

@brettdobson3122 3 жыл бұрын

How important is the income approach or the value-added approach on the AP Macro exam? On the old exam, I never really taught those approaches.

@masikozwide2626 5 ай бұрын

i love your energy, good videos.

@denden8326 2 жыл бұрын

thank you Jacob. very information

@redshiftmedia2485 4 жыл бұрын

Love your videos. What are your thoughts on GDP? Do you feel like it's adequate to measure the economy, or what other measurements do you think are best?

@abhalla 3 жыл бұрын

also curious about this

@holyrivals7191 2 жыл бұрын

Your are an absolute blessing. Ac/dc rules, bill murray rules, you rule…. Macro, not so much, oh crap it does…A necessity for macro class! Thank you. Subscribe right now if your taking a class, you’ll be back.

@sionmeshu8790 3 жыл бұрын

Thank u soooo much for the questions!!! They helped me for my exams. I am grade 11 student and your classes are much better than my school course. Keep going!!

@angeltenorio6845 3 жыл бұрын

Jajajaja AC/DC answer key? This guys really loves this band 🤣

@sydharani3408 4 ай бұрын

Thank you so much sir ❤

@lyandradewasurendra472 3 жыл бұрын

it really helped me

@KianPk-gy2vz 10 ай бұрын

My favorite lovely teacher

@humphet 2 жыл бұрын

I love the "you're gonna get that kid in class"

@Ahmed_salemk 2 жыл бұрын

@jacob you did an awesome job! I'm doing my master and that was totally helpful. It would be greater if there was translation.

@daviafrater-hylton3788 4 жыл бұрын

4:42-4:54 tho🤣🤣🤣🤣 very helpful video tho & not as boring. Good job 👏

@gianfrancoAA 4 жыл бұрын

Thanks Jacob, very cool

@Andrea-es5te 3 жыл бұрын

i simply love you

@ilong4rennes 4 жыл бұрын

wow this video saves me!!!!!!!!!!!!!!!!!!!! thx a llot!!

@mohdashraff2150 2 жыл бұрын

This man is my hero

@karterkarter5853 2 жыл бұрын

Hi good day, i did okay for the multiple choice but I don't understand how you got (a) for #1. Can you explain please?

@rocketeditor 4 жыл бұрын

I really need you to cover supply and demand again

@danni5287 Жыл бұрын

how are households also the suppliers? thank you for your videos by the way..

@KoloSokame 3 жыл бұрын

LOVE YOU MR. CLIFFORD

@darshpatel8150 4 жыл бұрын

Loved the video but out of curiosity, why do you have milk on your shelf 2:37 ???

@daviddorough2039 3 жыл бұрын

This video should explain: kzfaq.info/get/bejne/gt18m5mS3ZbehHk.html

@Jordinkiryu Жыл бұрын

when you put up the circular flow my brain had the exact thought as the sound effects LMAO

@FarhadADeven 4 жыл бұрын

thank you sir

@elizabethmills1286 3 жыл бұрын

'I have also already watched the Circular Flow or the Matrix of the Circular Flow video

@bakokaka9165 3 ай бұрын

Great content. I learn and enjoy your videos. One suggestion is, it would be easier to understand you if you speak slower. On a few occasions, I had to slow down the video (Playback Speed) to be able to understand everything. Thanks and nice work.

@shreyakommuri3929 3 жыл бұрын

Thank you! Also I love you.

@beautifulzi0n 8 ай бұрын

Writing my finals and on his channel to learn I need to know

@damianjez4336 3 жыл бұрын

So how does the economy distinguish the intermediate good from the final product? What if I go to the grocery store and buy a tomato without telling anyone that I actually intend on using this to make a pizza and sell it?

@EstherEgede 2 жыл бұрын

I understand the main rule but what happens when I save my income as opposed to spending, that should at least cause some disparity in the equality between the income and expenditure approach?

@salman.salu11 2 жыл бұрын

Wow man thank you

@k189644 3 жыл бұрын

This video saved my hhmmm for my test tomorrow.. our class is studying makiw principles of economics edition 7 and it literally is no help with calculating anything or giving examples.

@idushathamel 3 жыл бұрын

why do we consider a business cycle expansion to be different from economic growth?

@kristinahaag8107 4 жыл бұрын

Hello, I am confused about consumer behaviour chapter. Is there any video about it? Please let me know.

@kristinahaag8107 4 жыл бұрын

your videos are very helpful for me. I am studying Microeconomics global edition (ninth edition ). Do you cover chapters 3, 4, 6, 7, 8, 9 or 10 from this book?

@LISA.WANG. 2 жыл бұрын

4:41 lol this is me in my head 😂 Thank you for the wonderfully presented info! Filled my brain and lifted my spirits

@MysteryHistery 4 жыл бұрын

I can't believe he only have 403k subs. Americans and British don't like studying it seems.

@nandii1969 4 жыл бұрын

So many South Africans use his videos as well🤣🤣

@webb5066 3 жыл бұрын

indians do as well

@andrewbeckstrom2638 4 жыл бұрын

For some reason I am not seeing the answers in the comments?

@JacobAClifford 4 жыл бұрын

No problem. I added it above

@ronaldk.sitlhou2914 3 жыл бұрын

So does it mean that buying Second hand/pre-owned goods doesn't count as GDP?

@steezoarmani8971 Жыл бұрын

This man should replace my economics lecturer asap

@oscarwang6873 3 жыл бұрын

Mr. Clifford: you understand economics Me: Do I? oh yeah, this is econ so, (confidently) yes😎

@mkpozsgay3248 3 жыл бұрын

Is the free trial just for teachers?

@katertot06 Жыл бұрын

Wait I'm confused! If we are not counting intermediate goods, then why does the added value from the yarn matter?

@dekananwertofiqhamasalih7613 2 жыл бұрын

Our teacher requires us a rapport about Macroeconomic so I need a help to prepare it☹️please help me

@vitorinorocha6027 4 жыл бұрын

Nice

@diadhariwal2604 3 жыл бұрын

After getting A, C, D, I knew there was no way the answer wouldn't be c, very predictably sly.

@aryamantaparia5439 4 жыл бұрын

Is depreciation included in GDP?

@Bob-eh4yg 4 жыл бұрын

@TiltEV 4 жыл бұрын

Ahhh those answers Cheeky ;)

@sahiladvani3746 3 жыл бұрын

notice how the mcq answers are acdc

@eminkilicaslan8945 2 жыл бұрын

Ngl I find it easier to give up a spoonful of my blood than go grab food coloring.

@rennyzero420 2 жыл бұрын

Silver bullion will be needed for future of GDP.

@Goofy_Geek Жыл бұрын

i had that exact mater toy :)

@ProfRoofs 3 жыл бұрын

Answers are on the wall

@francescacolby6513 4 жыл бұрын

How is number 1 A

@Ralley1231 4 жыл бұрын

GDP = C + I + G + (X - M)

@obliterator1543 3 жыл бұрын

I think maybe you ignore depreciation

@johnsondunkerson3100 3 жыл бұрын

i have a 54 in macro

@poetrysessionswithkamo3374 2 жыл бұрын

does anybody how to access the free account

@yahyamotara7590 3 жыл бұрын

"CACTI"

@haneen7113 3 жыл бұрын

gross domestic product معناها:اجمالي الناتج المحلي

@17shi52 4 жыл бұрын

wow

@isaaclukwanga8489 3 жыл бұрын

Suppose that the following activities occur in a given year: A copper mining company pays its workers K400, 000 to mine 150 tonnes of copper. This copper is then sold to a jewellery manufacturer for K500, 000. The jewellery manufacturer pays its workers K450, 000 to make copper necklaces, which the manufacturer sells directly to consumers for K1, 500,000. Calculate GDP using the three ways of calculating GDP

@adrianarteagas4816 Жыл бұрын

1.a 2.c 3.d 4.c 9:05

@milliemillie4276 3 жыл бұрын

Woooow!!!

@Alexanderbuilds2001 4 жыл бұрын

I don’t understand the circular flow I’m scared for tomorrow 😫

@peterhorner1354 Жыл бұрын

Bless

@elizabethmills1286 3 жыл бұрын

Why does goods from years past not count in the GDP?

@luiegiii 3 жыл бұрын

You may already have had this question answered so hopefully this helps anyone else with the same question. By definition GDP measures the current year's production. If you want to know the past production you would look at that data. Remember GDP is the measure of all FINAL goods and services. When you look at the past those are products that have already been produced and sold. If it is not sold and recirculated then it does not yet factor into the GDP. When the final good or service produces income that is spent on the "economy" then it is factored into the GDP. This is a more simplified explanation but hopefully it helps!

@elizabethmills1286 3 жыл бұрын

Thank you that wasn’t even a question on my homework or tests we just had to know the definition I was just curious

@taylork8857 2 жыл бұрын

3:40 TRAVIS SCOTT marketing his seltzer

@Jaryuu-Kun 2 жыл бұрын

I don't get the 1st one

@elizabethmills1286 3 жыл бұрын

"Cacti!" lol!

@diabolicalironclad7 3 жыл бұрын

Lol

@user-yp2pq6hh2k 6 ай бұрын

can someone explain why 3 D and not E , Im confused !

@KuldeepSingh-wp8zq 6 ай бұрын

Second hand stuff is not counted, and every product produced inside us will be counted.

@samnaing3230 3 жыл бұрын

can someone explain the answer to the first mcq

@VsroYT 3 жыл бұрын

Ok, so the equation for GDP is C+I+G+(X-M). C = consumer spending which is 3000 in this case. G= Government spending which is 1000. Gross private domestic investment is the total of business investment. So our I (Business Investment) is 700. Now we have more imports than exports meaning there is more buying than selling which will give us -200. 3,000 + 1,000 + 700 + (300-500) = 4500 (answer choice A). Note that depreciation is not counted. It would be counted if you were trying to get the NDP. Hopefully you found this useful!

@samnaing3230 3 жыл бұрын

@@VsroYT thank you!

@samnaing3230 3 жыл бұрын

@@VsroYT wait what’s the depreciation? i’m sorry! :(

@elifataoguz5361 3 жыл бұрын

@@VsroYT may god bless you, really thnx a lot

@VsroYT 3 жыл бұрын

@@elifataoguz5361 np!

@elizabethmills1286 3 жыл бұрын

Wreck it Ralph, lol!😅