How to Calculate Real GDP | Think Econ

[@ThinkEcon]

Remember to like the video and subscribe to the channel if you found this video helpful! :)

[@noel7777noel]

#FBI This is exactly removing the labor excomponent from GDP. This is NOT a math backward speed trick Adding up fractions will have a fraction on both sides of the equals sigh. Meaning, and my point. GDP is actually a fraction. The banks call forgetting this is a fraction, and leaving out the labor excomponent is called an unsecured loan or an economic bubble. The more labor left out, the bigger the economic bubble.

[@samantajk]

I have chosen economy as a matura exam and these videos really help me. Thank you

[@American_2]

You will need current year price to find nominal. And you can get a deflator by (nominal/real) x 100 to find real you can also do (real/deflator)x100.

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[@American_2]

@@Sav_but_not_sav I wouldn't want to yet, maybe the future?

[@Bo6Bo6x]

Thank you for the straightforward explanation it was really easy to understand

[@ThinkEcon]

I'm glad to hear it!

[@kopolwalizah887]

Thank you Sir! This simple explanation clearly my two whole weeks of confusion in this topic.

[@ThinkEcon]

I'm really glad to hear that!

[@abbieamavi]

super simple thank you! I had my formulas all wrong...

[@ThinkEcon]

Glad you found it helpful!

[@cherthefairy]

Thank you for the short and clear explanation !

[@ThinkEcon]

You’re welcome!

[@SleepyOasis-zt3fu]

Super helpful, I needed this to study for my exam ❤

[@ThinkEcon]

Good luck!

[@lawrencemaloya3992]

Its just more than excellent, thank you so much 😊, i will follow you, and from now onwards i will love economics

[@ThinkEcon]

Glad to hear it! :)

[@beepbeep6982]

so is 4620 the real GDP of all final goods?

[@Isabella-n3c7r]

Bro so helpful, helped me so much on my hw

[@owenthomas3621]

Great explanation

[@ThinkEcon]

Thanks!

[@well-traveled-idiot]

Short and sweet, thank you!

[@ThinkEcon]

You’re welcome! I’m glad you found it helpful!

[@mooyamooya7633]

Very versatile helpful

[@leitaramanuake-tt3sd]

Thank you for the simple explanation 👏 😊.

[@ThinkEcon]

I'm glad you found it helpful!

[@elimlinrr6898]

In 2022, if US GDP grew only 1.9% why was US GDP per capita growth not 1.9% but 8.7% ? Why is there a mismatch ?

[@ThinkEcon]

What a great question! So the biggest cause for this is a decreasing population growth rate, or sometimes just a slower population growth rate than GDP's growth rate. This will result in the denominator of GDP/capita being smaller which yield a larger total value for the rate. Now population growth is just one aspect, productivity, immigration, and emigration are also factors to consider. In 2022's case specifically, we also had the pandemic and seriously high levels of inflation happening, at the same time people were not really thinking about starting a family with all the unknowns surrounding the virus. Hope this helps!

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[@sultansjeren7469]

Excellent presentation... ❤

[@ThinkEcon]

Thank you very much!

[@daeneetanyanyiwa5366]

Simple and helpful 😊

[@ThinkEcon]

I'm glad to hear it!

[@adonisds]

What if a new product was produced in the current year? How do we always know the quantity produced?

[@andrewjones2222]

Is yearly GDP the average of all four quarters of GDP?

[@ThinkEcon]

Great question! The short answer is: No, it’s the sum of all four quarters of GDP!

[@kyleschofieldthe]

Fast and easy! Thank you

[@ThinkEcon]

That's how it should be! Glad you found it helpful!

[@pscjobspreparationandupdat7970]

Good method

[@ThinkEcon]

Thanks!

[@LilGawkGawk]

Thanks so much man 😭🙏🏾

[@ThinkEcon]

You’re welcome!

[@amidatukamara4383]

Tremendous job

[@ThinkEcon]

Thank you very much! We appreciate the feedback :)

[@GreenLankanfoundation]

Thanks ❤

[@lawrencemaloya3992]

Using the same table, is it possible to the norminal GDP?

[@ThinkEcon]

Yes, we’ve got a video showing exactly how to do it using this same information!

[@Wuwuwuwuwuah]

Tysm😭😭

[@ThinkEcon]

You’re welcome!

[@SonmerfieldWendell-e4q]

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[@hilwaamanamankiyar-pp5bf]

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