GDP and the Circular Flow- Macro Topic 2.1

[@JacobAClifford]

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]

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love how the answer is ACDC

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[@lawrencegaceta4839]

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]

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]

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

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[@vennelajilla717]

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

[@Jordinkiryu]

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

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[@alexisjones9267]

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

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

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

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

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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.

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Thank you so much sir ❤

[@andrewbeckstrom2638]

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

[@JacobAClifford]

No problem. I added it above

[@elizabethmills1286]

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

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[@ronaldk.sitlhou2914]

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

[@daviafrater-hylton3788]

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

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[@brettdobson3122]

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.

[@redshiftmedia2485]

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]

also curious about this

[@Ahmed_salemk]

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

[@oscarwang6873]

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

[@karterkarter5853]

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?

[@francescacolby6513]

How is number 1 A

[@Ralley1231]

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

[@obliterator1543]

I think maybe you ignore depreciation

[@beautifulzi0n]

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

[@isaacdorfman]

Does selling used items instead of throwing them away count towards GDP?

[@rocketeditor]

I really need you to cover supply and demand again

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[@EstherEgede]

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?

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

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This video should explain: kzbin.info/www/bejne/gqivmWmXrZWtiqc

[@diadhariwal2604]

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

[@sk.calico]

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

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i simply love you

[@idushathamel]

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

[@LISA.WANG.]

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

[@gianfrancoAA]

Thanks Jacob, very cool

[@damianjez4336]

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?

[@Pk_kian]

My favorite lovely teacher

[@lyandradewasurendra472]

it really helped me

[@denden8326]

thank you Jacob. very information

[@samnaing3230]

can someone explain the answer to the first mcq

[@VsroYT]

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]

@@VsroYT thank you!

[@samnaing3230]

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

[@elifataoguz5361]

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

[@VsroYT]

@@elifataoguz5361 np!

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

[@KoloSokame]

LOVE YOU MR. CLIFFORD

[@aryamantaparia5439]

Is depreciation included in GDP?

[@Bob-eh4yg]

no

[@kristinahaag8107]

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

[@kristinahaag8107]

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?

[@danni5287]

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

[@robotcarnivalxyz]

So meaning thrift shops don’t count as GDP?😅

[@dekananwertofiqhamasalih7613]

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

[@haneen7113]

gross domestic product معناها:اجمالي الناتج المحلي

[@rennyzero420]

Silver bullion will be needed for future of GDP.

[@isaaclukwanga8489]

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

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Is the free trial just for teachers?

[@elizabethmills1286]

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

[@luiegiii]

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]

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

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This man is my hero

[@FarhadADeven]

thank you sir

[@user-yp2pq6hh2k]

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

[@KuldeepSingh-wp8zq]

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

[@sahiladvani3746]

notice how the mcq answers are acdc

[@johnsondunkerson3100]

i have a 54 in macro

[@adrianarteagas4816]

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

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I don't get the 1st one

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does anybody how to access the free account

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"CACTI"

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"Cacti!" lol!

[@diabolicalironclad7]

Lol

[@taylork8857]

3:40 TRAVIS SCOTT marketing his seltzer

[@Alexanderbuilds2001]

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

[@TiltEV]

Ahhh those answers Cheeky ;)

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Answers are on the wall

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i had that exact mater toy :)

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Where do we put recycling? Rare earth materials. Plastics, glass, magnets, copper, steel, aluminum ect. Most of it goes in the landfill. I see a world where are future generations are mining landfills for finite materials. We should be taking recycling more seriously. It products we can use to increase are domestic production

[@vitorinorocha6027]

Nice