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Fridays Academy: Determining GDP

Ignacio Hernandez's picture

As every Friday, we are posting a teaching note prepared by Raj Nallari and Breda Griffith.


This week we continue looking at National Income Accounts. The note explains three different approaches for determining the GDP:

  • The Production Approach to Measuring GDP

  • The Expenditure Approach to Measuring GDP
  • The Income Approach to Measuring GDP

The note also explains the difference between Nominal and Real GDP.


Fridays Academy: Macroeconomic concepts

Ignacio Hernandez's picture

Like every Friday, we are posting one of Raj Nallari’s teaching notes.


Before we examine how economic growth is measured (through the concept of GDP), we have a look at some basic macroeconomic concepts.


Arising from the interaction and behavior of the economic sectors we studied last Friday, there are certain key macroeconomic concepts that play a central role in macroeconomic analysis. These are defined in the framework of the System of National Accounts (SNA).