1. Choose 2 from the posted videos then articulate 1 learning point for each. Cite the time on the video then explain. a. Components of GDP | GDP: Measuring national income I Macroeconomics | Khan Academy (0:13) So GDP it is the market value of all final goods and service produced, not just changed hands, produced within a country in a given period. And the symbol we use for GDP is Y. Expenditure, it means who are all of the players that might have spent money on the goods and services, on final goods and services produced in our country, who are all the people might have done it. We could have FIRMS, these firms might have spent money on these goods and services produced in our country. We can also have HOUSEHOLDS have spent money on these goods and services produced in our country. In all countries, we have the government have spent money on these goods and services produced in our country. TRADING WITH OTHER COUNTRIES have spent money on these goods and services produced in our country. Y= Firms HH- households G- govmt. foreign purchases- OUTSIDE exports-9 Y= I C G NX But as we take a look, all of the money that the firms, govmt. and households are spending, some of what they're spending might not be on goods and services that are produced in this country, they might be spending some of their stuff on things that are produced outside of this country. In order for us to know the goods and services produced in our country we have to subtract out foreign products or the other way is to subtract out the imports. This is how economist measures it. Y= Investment which means spending by firms or everything that a firm spends in theory, spending money to make goods and services, little bit of household spending is also considered as investment. On the other hand when we say bulk of household spending, we considered it already as a consumption. Government- everything that govmnt spends on military, salaries of the police, keeping the White House (4:07-4:19) Foreign Purchases= exports-imports and we can get Net Exports. If these numbers are positive, then we conclude that net exports are positive, it basically means that exporting is greater than importing. If net exports is negative it means that importing are greater than pynnrtina