About This Chapter
Who's it for?
This unit of our AP Macroeconomics Homeschool course will benefit any student who is trying to explore economic measures. There is no faster or easier way to learn about measuring the economy. Among those who would benefit are:
- Students who require an efficient, self-paced course of study to learn about intermediate goods, the factors of production and the circular flow model.
- Homeschool parents looking to spend less time preparing lessons and more time teaching.
- Homeschool parents who need an economics curriculum that appeals to multiple learning types (visual or auditory).
- Gifted students and students with learning differences.
How it works:
- Students watch a short, fun video lesson that covers a specific unit topic.
- Students and parents can refer to the video transcripts to reinforce learning.
- Short quizzes and a unit exam on measuring the economy confirm understanding or identify any topics that require review.
Measuring the Economy Unit Objectives:
- Describe the flow of economic activity between corporations, the government and private households.
- Discuss how income and expenditure approaches are used to assess the gross domestic product.
- Define gross domestic product and list its various parts.
- Discover things that are not included in the gross domestic product.
- Learn the difference between intermediate and final goods.
- Examine gross private domestic investment along with the ingredients of investment.
1. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
2. Gross Domestic Product: Using the Income and Expenditure Approaches
In this lesson, you will learn how economists measure gross domestic product using two different methods - the income approach and the expenditure approach.
3. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
4. Gross Domestic Product: Items Excluded from National Production
In this lesson, you'll gain a better understanding of what the gross domestic product is by exploring things that are excluded from it. Why do we count some items in the GDP but not others?
5. Investment vs. Investments in Economics
Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the AP Macroeconomics: Homeschool Curriculum course
- Scarcity, Choice & Production Possibilities Curve: Homeschool Curriculum
- Comparative Advantage, Specialization & Exchange: Homeschool Curriculum
- Demand, Supply & Market Equilibrium: Homeschool Curriculum
- Inflation Measurement & Adjustment: Homeschool Curriculum
- Understanding Unemployment: Homeschool Curriculum
- Inflation and Unemployment: Homeschool Curriculum
- Aggregate Demand and Supply: Homeschool Curriculum
- Macroeconomic Equilibrium: Homeschool Curriculum
- Economic Growth and Productivity: Homeschool Curriculum
- Money, Banking and Financial Markets: Homeschool Curriculum
- Central Bank and the Money Supply: Homeschool Curriculum
- Fiscal and Monetary Policies: Homeschool Curriculum
- Foreign Exchange & Balance of Payments: Homeschool Curriculum
- Inflows, Outflows and Restrictions: Homeschool Curriculum