Economics (McConnell), 18th Edition

Chapter 24: Measuring Domestic Output and National Income

IN THIS CHAPTER YOU WILL LEARN:

1. How gross domestic product (GDP) is defined and measured.



2. The relationships among GDP, net domestic product, national income, personal income, and disposable income.



3. The nature and function of a GDP price index.



4. The difference between nominal GDP and real GDP.



5. Some limitations of the GDP measure.