Economics·GDP, GNP & National Income · NSSCO 7.3
GDP, GNP & National Income
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How do we put a single number on the size of a whole economy? In this lesson we meet three closely-linked measures: Gross Domestic Product, Gross National Product and National Income. We learn what each one means, and how a small change — adding income earned abroad, or taking away depreciation — turns one into the next. Then we discover the clever fact that a country's income can be measured in three different ways that all give the same total, and we picture it with the circular flow. Finally we ask why we bother measuring national income at all, using real Namibian examples with our own N$.
What you'll learn in this lesson
By the end you should be able to (NSSCO Economics 7.3):
- Define Gross Domestic Product, Gross National Product and National Income
- Describe the different methods of calculating the national income
- Explain the reasons for measuring the national income
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Miss Hilma and Mike talk through the whole topic — with the figure and working drawn live.