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Economics: Macroeconomics- Chapter 22 Measuring GDP and Economic Growth summary
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Measuring GDP and Economic GrowthChapter 22
Economics 3ed: Global and Southern African Perspectives © 2020 1
, Main ideas
After studying this chapter, you will be able to:
• Define GDP and use the circular flow model to explain why GDP equals
aggregate expenditure (AE) and aggregate income (Y)
• Explain the three methods used by Statistics South Africa to measure South
Africa’s GDP and calculate GDP according to all three methods
• Describe how real GDP is used to measure economic growth and fluctuations
and
• Explain the limitations of real GDP as a measure of economic well-being
Economics 3ed: Global and Southern African Perspectives © 2020 2
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