Course Objectives

 

 1.   Define GDP and explain why the value of production, income, and expenditure are the same for an economy. 

 2.   Describe how economic statisticians measure GDP in the United States. 

 3.   Distinguish between nominal GDP and real GDP and define the GDP deflator.

 4.   Describe and explain the limitations of real GDP as a measure of the standard of living. 

 

"Love for Econ springs eternal!"