A-Level Economics Content Series - National Income Accounting (H1/H2)
In this course, we will be kick-starting our macro journey with national income accounting. We will be going through concise concepts such as the usage and limitations of GDP as well as measuring standards of livings.
0 Assignments
Lesson 1 - Transition from micro to macro economics
In this lesson, we will be discussing how micro economics helps in understanding macroeconomics better. We will touch on the objectives of microeconomics versus macroeconomics.
Lesson 2 – What is GDP?
In this lesson, we will answer the question of what is GDP – Gross Domestic Product. There are different variations of GDP. Our focus will be on the output approach of GDP.
Lesson 3 - Real vs Nominal GDP
In this lesson, we will discuss the differences between Real and Nominal GDP. We will talk about the different terms used to refer to Real and Nominal GDP and the usage of base year. I will run through an illustration to show Real and Nominal GDP and adjustment of inflation.
Lesson 4 - Limitations of GDP
In this lesson, we will discuss the limits of GDP. Limits of GDP arises due to underground economy, non-market and illegal activities. I will go through some examples to illustrate examples to each limit.
Lesson 5 - Standard of living & indicators to measure
In this lesson, we talk about standard of living can be categorized into material or non-material measurement. We will discuss alternate indicators. I will introduce how the indicators work.
Lesson 6 - Comparing standard of living across time
In this lesson, we will discuss how do we compare SOL (Standard of Living) based on 4 different dimensions – Price level, population size, income distribution and non-material aspects.
Lesson 7 - Examination tips for GDP and SOL based questions
In this lesson, we will be talking about how to handle SOL questions. There are 5 steps in the thought process. I will discuss about each step in detail.
Lesson 8 – Exam questions practice
In this lesson, we go through a past year National Income question. You may download the question here - https://bitly.ws/3ezCJ. I will go through the question and to explain in detail how I answer this question.
Lesson 9 - Comparing standard of living across space & Usage of PPP (Purchasing Power Parity)
In this video lesson, we will talk about how we will compare standard of living between countries. There are many factors that makes comparison of standards of living difficult such as cost of living. Hence, PPP is introduced to make comparison easier. We will also discuss about the limitations of PPP.
Lesson 10 - PPP Practice question
In this last video lesson, we will discuss the answer for a past year exam question about PPP. The link to the paper is: https://bitly.ws/3eF9d