Gross Domestic Product (GDP)

The video tutorial explains GDP as a measure of economic health, detailing its definition, components, and calculation methods. It distinguishes between final and intermediate goods, and discusses capital goods' role in GDP. The tutorial also covers GDP's limitations, such as not accounting for nonmarket activities or negative externalities, and introduces alternatives like the Human Development Index. Despite its flaws, GDP remains a primary economic metric due to its clarity and ease of measurement.

What is the difference between nominal GDP and real GDP?

What are some limitations of using GDP as a measure of economic health?

What alternatives to GDP are suggested for measuring economic health?