This video was actually 8 years ago, but has helped me understand this concept even better than my professor did. Thank you for this. Keep on making videos.
Thanks....have been setting on my assignment for 1 hour, did not take me 2 minutes to complete the assignment after watching the video...well simplified
Hi , i have looked in to the Word bank published gdp deflator data with code NY_GDP_DEFL_KD_ZG. The data shows negative GDP deflator in many places. How do I interpret these ?
It means there was price deflation. Although we think of the price level as slightly increasing year after year (which is what central banks are trying to do), prices can go down. Deflation usually arises during times of economic stress or crisis. If you look at the Great Depression, you will see deflation was quite bad.
Can u please explain what is GDP at factor cost and GDP at Market prices. Is the selling price in the market and the market price taken to measure GDP are one and the same. please help us..... we are from india.... we are benefiting and exploring the essence of economics from u... and we enjoy it...
Sorry one last question. If GM sells a car for 1000 dollars then the second hand shop sells it for 1500? would GDP count the 500 as a service so the total gdp would be 1500? Thanks ;)
How do we calculate real GDP when we don't have price of a commodity in base year?? Say invention of something that was not existing in past(base year).
