Circular Flow Diagram: Output = Income = Expenditure

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Hi everyone in this video I discuss the three ways that economists think and talk about Gross Domestic Product (GDP): GDP as Total Output, GDP as Total Expenditure and GDP as Total Income. Each of these are equally valid, legitimate ways of talking about Gross Domestic Product
So this is the second video in the series of videos on GDP. The first video was on the definition of GDP, and the next Video will be on measuring GDP.
0:00 Introduction
0:36 Circular Flow Diagram
4:12 Output = Income = Expenditure
4:56 GDP as Output, Income or as Expenditure
Errata:
1) So sometimes I talk about output, sometimes I talk about product. They're the same thing. Hope that's not confusing.
2) I listed and talked about 3 Assumptions, but there are so many more, a non-profit sector, different types of sectors...
3) I also only talked about 3 types of input (labour, land, entreperneurship). Of course you can also have capital, I just picked three examples. You can also divide types of inputs further, and in different categories. It depends on the text book that you are using.
GDP Part 1: Defining GDP: • Defining Gross Domesti...

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Hi Everyone! Here is some errata: 1) So sometimes I talk about output, sometimes I talk about product. They're the same thing. Hope that's not confusing. 2) I listed and talked about 3 Assumptions of the circular flow diagram, but I wanted to say... there are so many more if I wanted to go into it, a non-profit sector, different types of sectors... 3) I also only talked about 3 types of input (labour, land, entrepreneurship). Of course you can also have capital, I just picked three examples for illustration. You can also divide types of inputs further, and in different categories. It depends on the text book that you are using. 👍