Measuring GDP using the Income Approach and the Expenditure Approach

This video lecture outlines the two methods of measuring a nation's Gross Domestic Product. By summing the total wages, rents, interest and profits earned by households, or by adding all the consumption, investment, government spending and net exports, we can determine the total value of a nation's output during a particular period of time.
Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! econclassroom.c...

[@JasonWelker]

You're right, the idea of internet did not come from government. But the universities that developed it were publicly funded. Without those resources being made available by the public sector, the internet, and countless other tangible and intangible goods that we take for granted in our everyday lives, would not exist. The internet came about 'by the voluntary interactions of private individuals' as much as our highways did, our infrastructure, our research institutions... all publicly funded!

[@Karii999]

very helpful! so much better than my textbook :)

[@ragnarlothbrok6324]

Np

[@crazey818]

thank you, this was a really great video and really cleared up my confusion.

[@ragnarlothbrok6324]

NP

[@SomeKindOfMadman]

Thank you the lesson, very informative.

[@ragnarlothbrok6324]

Np

[@florencemudoti733]

well explained👏

[@ragnarlothbrok6324]

Thanks my friend.

[@Stefanied26]

This is so helpful! Thank you!

[@ragnarlothbrok6324]

Np

[@nicholassexton2118]

Great video very helpful👍👍

[@ragnarlothbrok6324]

Np

[@939salm]

SO helpful, thank you so much

[@ragnarlothbrok6324]

Np

[@YoSsI4ever1]

Thanks man... really Help full ...Better than my freaking Teacher ;)

[@ragnarlothbrok6324]

Np, my friend.

[@robertrichards638]

Thank You

[@ragnarlothbrok6324]

Np, my friend.

[@davidanes]

where did you the circular flow image? i cant find in google. id like to have it and print it for reference.

[@ragnarlothbrok6324]

It can be found on Google.

[@priyakeyan]

I m really confused with the exports and imports part... can u tel me is there any difference between net factor income from abroad and the (X-M).

[@ragnarlothbrok6324]

I'm sorry I can't.

[@MrWiselivin]

Awesome video, your help is appreciated keep the videos coming ;) , btw @welkerjason do you happen to work in an economics/finance field , i just wanted to know because im in university and i want to have a clear insight on which field to enter i like both though thankx

[@ragnarlothbrok6324]

Thank you, np.

[@Vipruler]

Wat bout 'value added approach' ?

[@ragnarlothbrok6324]

What about it, my friend?

[@JasonWelker]

Interesting that you think government only squanders wealth and does nothing to create it. I wonder if we'd have this "internet" we're both working on right now if it weren't for the public universities that invented it. Hmm... What's your opinion on that?

[@ragnarlothbrok6324]

Don't have one, my friend.

[@JasonWelker]

Did the private sector invent the internet?

[@ragnarlothbrok6324]

Idk.

[@SomeKindOfMadman]

For the lesson....I meant....not for lesson lol

[@ragnarlothbrok6324]

Oh okay.