2.1 Learning outcomes
- Understand and apply the definition of Gross Domestic Product (GDP).
- Identify if an activity should be counted towards GDP.
- Apply the definition to discuss how we can use the data and how the measure can be improved. (Advanced)
- Understand the identity of national income accounting and the components of expenditure-based and income-based GDP.
- Identify the components in examples.
- Identify the basic facts about Canadian GDP in recent years.
- Understand the definition of real GDP. Calculate real GDP, GDP deflator, and their growth rates.
- Understand and apply the definitions of business cycle. Identify them in a graph.
- Understand the use of real GDP per capita as an indicator of economic well-being.
