These videos are stepping stones in basic macroeconomics. In the first class of macroeconomics, we should know what is gross domestic product, how is it different from gross national product.

Gross domestic product is the value of all goods and services produced in an economy during a given time period. By whom? By its own nationals and foreigners in its own economy. Gross National product is the value of all goods and services produced by economy’s residents in country’s own territory and foreign lands, during a given time period. Continue reading →