Course Level 3: Advanced
Estimated Study Time: 1-2 hours
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 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 categorized. 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.
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