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This series of videos is in continuation of last GDP concepts series. It starts with very simple example of questions asking whether following items are included in GDP or not. I will be making more videos about this later, asking several items are included in GDP or not. Here, I wanted to give just a start to the topic, so just three examples.
Other videos discuss some other useful concepts, such as, GDP deflator and Consumer price index. GDP deflator measures the level of prices of all new, domestically produced, final goods and services in an economy. It is calculated as a measure of nominal GDP to real GDP. We provide an example so that you can calculate inflation using GDP deflator or consumer price index. Lastly we discuss, shortcomings of using GDP, GDP deflator and Consumer price index.
Please ask questions in comments sections. I hope these videos are useful to you….
Whether following are included in GDP or not?
GDP Deflator
Consumer Price Index
How to calculate inflation rate using GDP Deflator, CPI
Shortcomings of GDP as a measure of output
Problems in using GDP Deflator and CPI
