The Gross Domestic Product (GDP) and Government Revenue Explained in One Minute

A one-minute video which explains what the Gross Domestic Product (GDP) is, what government revenue is and why people frequently confuse the two terms.
Please like, comment and subscribe if you've enjoyed the video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [e-mail], any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
/ oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - www.amazon.com/Wealth-Managem...
Barnes & Noble - www.barnesandnoble.com/w/wealt...
iBooks (Apple) - itun.es/us/wYSveb.l
Kobo - store.kobobooks.com/en-us/ebo...
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - www.amazon.com/Age-Anomaly-Sp...
Barnes & Noble - www.barnesandnoble.com/w/the-...
iBooks (Apple) - itunes.apple.com/us/book/age-...
Kobo - www.kobo.com/ww/en/ebook/the-...
Last but not least, if you'd like to follow me on social media, use one of the links below:
/ oneminuteeconomics
/ andreipolgar
/ andrei-polgar-9a11a561

[@OneMinuteEconomics]

GiganticWebsites.com is a project through which I make it possible for people to build truly gigantic websites (thousands of articles each!) at ridiculously low prices. If you have a great domain you want to turn into an amazing website or an existing site you'd like to upgrade/scale, visit our website or check out the One Minute Economics presentation video below: kzbin.info/www/bejne/nXabqniFhquArNE Please note that this comment is not an ad for a third-party service provider. GiganticWebsites.com is my baby 100% and I will personally be involved in each and every project so as to ensure the website turns out great :)

[@lisaemison4128]

Government revenue is not what the government "makes." It's the money that the government takes - it came from the people, not from the government producing anything. I think that is an important distinction because many people don't seem to understand this concept.

[@OneMinuteEconomics]

Non-tax revenue is also included in the government revenue equation, not just funds generated via taxation. Economies come in all shapes and sizes, from small/limited state to the exact opposite. Still, even in the former situation, government revenue is most definitely not 100% generated via taxation :)

[@OneMinuteEconomics]

One Minute Economics needs your help! Please give me a minute (heh) of your time by watching the following video if you find the channel useful, literally anyone can help (either financially or by spreading the word about my work): kzbin.info/www/bejne/n6CTZZahppaLZ68

[@lavorien1587]

POV: ur making a country in your geography class and you got assigned the GDP

[@zoefofo7769]

I wish I had watch this video before I embarrassed myself to my brother earlier today. I got it confused to

[@Nirsterkur]

Thank you for the knowledge.

[@alparslankorkmaz2964]

Nicely explained.

[@rachybaby72]

Perfect. Thanks for this!

[@OneMinuteEconomics]

You're more than welcome :)

[@Kiki-zt8tq]

Very well made, thank you:)

[@OneMinuteEconomics]

Glad you like it :)

[@Leonidasthe2nd]

Thanks for this video I understood this then other like 15 minutes ones that I didn’t understand and u made me understand atleast the basics of it if there is basics to this in 1 minute

[@OneMinuteEconomics]

Happy to hear the video helped :)

[@averagedudeusa9722]

Thanks so much for the simple explanation!!!

[@OneMinuteEconomics]

Thank YOU for the kind words

[@vaneplane]

I was real ambiguous with what GPD means. So thank you very much :-)

[@OneMinuteEconomics]

Always makes my day to hear my videos helped viewers understand sometimes tricky concepts :)

[@JoseLeybaDiaz]

Thanks!

[@OneMinuteEconomics]

No, thank YOU! I love it when people drop by and comment, makes me feel that my work is appreciated, thanks again!

[@sockomoderl6375]

You sussy boy with the really epic explanation shout out to Mr.King from 101 xx Keep it real FOOOOOSHOOOOO

[@OneMinuteEconomics]

:D

[@chakraqi6887]

Perfect

[@jem4426]

Can you do a video on what accelerator principle state please

[@OneMinuteEconomics]

I'll see what I can do, thanks a lot for dropping by :)

[@kezhanakhro6267]

Do u cover all basic macroeconomics?

[@justinsandolph4861]

I need more study I can't put my finger on it

[@siyakidunia9791]

Hlo Mai bahut hope se question puch rhi hoo..plz batana..jaise gdp me pta kaise chlta hai government ko kitni companiy kitna produce ki hai ..aur itni saree chize hote hai ye sb kaise pta chlta h..plz batao

[@piotrdobrzynski9803]

Will you make a video about: -GDP per capita -Nominal GDP per capita -GDP per capita (PPP, purchasing power parity) -Nominal GDP -GDP (PPP, purchasing power parity) -Real GDP -Real GDP growth -PPP (purchasing power parity) and Nominal GDP which are for the whole country (which is not the GDP per capita, but billions of dollars in GDP) -GNI (Gross national income) -GNI per capita -GNP (Gross national product) -GNP per capita -NNP (Net national product -NNP per capita -GRP (Gross regional product) -GRP per capita -PI (Personal income) -DI (Disposable income) -PCI (Per capita income) -GDI (Gross domestic income) -Nominal -PPP (purchasing power parity) Also explain what is like if the country has higher GDP (PPP; purchasing power parity) than GDP (nominal) and if the country has higher GDP (nominal) than GDP (PPP; purchasing power parity) Also explain the difference between PPP (purchasing power parity) and nominal in terms of GDP

[@OneMinuteEconomics]

Some of these are already on my to-do list, will do my best :)

[@piotrdobrzynski9803]

@@OneMinuteEconomics Thx

[@jem4426]

Oh goodness please do it i simply don't understand all these concepts it will be really helpful ❤

[@cigh7445]

Some countries like Ireland have an artificially high GDP because low tax rates attracted foreign companies, especially major American tech companies, which then generate wealth, buy products from each other, but that wealth leaves the country and doesn't circulate or benefit those in society not involved in the tech companies

[@OneMinuteEconomics]

It's definitely a fair point that the GDP should be treated as just one indicator, as opposed to the Holy Grail status is tends to enjoy :)

[@queenclaire9998]

Is that you walking 😂😂😂

[@OneMinuteEconomics]

Me + coffee :)

[@zacharyhouser6751]

this was ALMOST a minute

[@OneMinuteEconomics]

Actually... one minute and nineteen seconds :D

[@zacharyhouser6751]

im going to sub we need 100k subs!

[@Jheekay7]

it is said increasing GDP is good because it means more is being produced and then sold but can't it be that the same is being produced but sold at a higher price? If yes my question is "is increasing GDP always good?"

[@zacharyhouser6751]

how are you almost at 100k subs!?can we get 20k more subs i think you deserve it!

[@OneMinuteEconomics]

Thanks a lot for the kind words Zachary, really appreciate it! If the current trend persists, I should be at 100k in early 2021 but of course, I always encourage folks to help by spreading the word. Most people think their help doesn't matter because they don't have a lot of social media followers for example but that's just plain wrong, it definitely adds up: a tweet here, a FB share there and so on. The most effective initiatives, in my experience, are those which involve a personal recommendation, so for example a post on Facebook such as "I think this One Minute Economics channel is great, check it out" rather than simply a share but again, literally anything helps :)

[@obALlhashmi]

Beautiful for a layman like me

[@TPerm-hj4sf]

Gross mistake of this segment, by making equivalence of GDP to profit. Government only tax on profit, so even the tax rate is 100%, the tax revenue is still not 100% of GDP. GDP x profit margin x tax rate = government tax revenue

[@teodorapolgar]

First!

[@OneMinuteEconomics]

+eraclis7 :))

[@PETER7700S]

Without 1.7 TRILLION of new deficit in 2023 (7.5% of GDP) the economy of the USA shrank by 5%. 7.5%- 2.5%.

[@mandarin1573]

My Brain is in pain

[@OneMinuteEconomics]

Welcome to 2020 :D

[@natewoi4119]

This is why the dislike counter needs to come back all we see is fake information with 822 likes

[@natewoi4119]

BS

[@KronixAmv]

Thanks!

[@OneMinuteEconomics]

Thank YOU for taking the time to drop by and say something nice :)