Introduction to Measuring Economic Activity: GDP and the Three Approaches

The lecture introduces key concepts in measuring economic activity, focusing on GDP and its importance for analysis and forecasting. It covers the history of GDP, developed by Simon Kuznets, and explains the three methods of measuring GDP: output, income, and expenditure. The lecture also discusses the challenges in measuring GDP accurately, such as tax avoidance and black market activities. Finally, it concludes with a preview of future lectures that will delve deeper into these topics.

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