Macro Unit 2.1- GDP and Economic Growth

Mr. Clifford explains GDP, its importance, and how it measures a country's economic performance. GDP is the dollar value of all final goods and services produced within a country's borders in a given year. It consists of four components: consumption, investment, government spending, and net exports. The video also covers what is not included in GDP, such as intermediate goods, non-production transactions, and non-market activities.

Explain the concept of non-production transactions and provide an example.

What are non-market activities and how do they affect GDP calculations?