The answers to the practice multiple-choice questions are below. Just click on "Read more". 1. A 2. C 3. D 4. C How to download the Circular Flow and GDP Practice Sheet Step 1: Go to: acdcecon.thinkific.com Step 2: Create a free account Step 3: Enroll in the free version of the MACROeconomics packet (either AP or College) Step 4: Go to Unit 2- "Circular Flow and GDP Practice Sheet (with answers)" Step 5: Download the PDF, fill it out, and check your answers *Note* Teachers- Do not print the practice sheet and give it to your students. This is NOT for in-class use. If you are interested in getting worksheets for your class, please go to my website: www.acdcecon.com/bulk-discount
Thank you for the refresher! I am truly 1% smarter than yesterday after watching your video. Your macro-econ segment should be a must-watch video for all U.S. policymaking individuals and those who want a creative bare-bones approach to grasping GDP / Circular flow concepts. Keep cranking!
0:13 A Doctor in 1799 (A Presidental Loss) 6:48 The Great Depression, The Federal Reserve decreased the money supply 0:27 An Economist in 1929 (The Great Depression) 0:54 GDP, Gross Domestic Product 1:30 Measured in Dollars 1:52 Produced within the company, by a US company or a Foreign Company 2:09 Three Approaches to calculate GDP The Expenditures Approach (The Purchases focused approach) 2:23 C + Ig + G + Xn 4:37 A Ridiculous Situation 5:08 What Does NOT Count In GDP 5:47 The Circular Flow Model 6:16 The Approches are illustrated by The Circular Flow Model
My macro professor always has us watch 1-2 of your videos with each chapter relevant to what we're learning about. You're really helpful and I appreciate your content!
So i go to one of the top MBA programs in the US and this guy taught me better in 10mins than my professor did with a chapter reading + 3 hour lecture....WONDERFUL. But seriously - good job Mr Clifford!
Thanks a lot for the amazing video!! It helped me a lot!! I didn't understand it when my econ teacher explained it, but with your video I completely understood everything!! Thank you!
Thank you very much! I really appreciate how you connected it to the depression and the lifeblood of the economy. It helps me understand what GDP really means
Great content. I learn and enjoy your videos. One suggestion is, it would be easier to understand you if you speak slower. On a few occasions, I had to slow down the video (Playback Speed) to be able to understand everything. Thanks and nice work.
Thank you so very much Mister Clifford! Your content is very helpful and unique in whole internet. It has helped me a lot. Thank you so very much Sir, I really do appreciate you and your job! Getting ready to get into HKS and looking forward to meet you one day!
Your are an absolute blessing. Ac/dc rules, bill murray rules, you rule…. Macro, not so much, oh crap it does…A necessity for macro class! Thank you. Subscribe right now if your taking a class, you’ll be back.
Thank u soooo much for the questions!!! They helped me for my exams. I am grade 11 student and your classes are much better than my school course. Keep going!!
Love your videos. What are your thoughts on GDP? Do you feel like it's adequate to measure the economy, or what other measurements do you think are best?
This video saved my hhmmm for my test tomorrow.. our class is studying makiw principles of economics edition 7 and it literally is no help with calculating anything or giving examples.
I understand the main rule but what happens when I save my income as opposed to spending, that should at least cause some disparity in the equality between the income and expenditure approach?
So how does the economy distinguish the intermediate good from the final product? What if I go to the grocery store and buy a tomato without telling anyone that I actually intend on using this to make a pizza and sell it?
Ok, so the equation for GDP is C+I+G+(X-M). C = consumer spending which is 3000 in this case. G= Government spending which is 1000. Gross private domestic investment is the total of business investment. So our I (Business Investment) is 700. Now we have more imports than exports meaning there is more buying than selling which will give us -200. 3,000 + 1,000 + 700 + (300-500) = 4500 (answer choice A). Note that depreciation is not counted. It would be counted if you were trying to get the NDP. Hopefully you found this useful!
your videos are very helpful for me. I am studying Microeconomics global edition (ninth edition ). Do you cover chapters 3, 4, 6, 7, 8, 9 or 10 from this book?
Suppose that the following activities occur in a given year: A copper mining company pays its workers K400, 000 to mine 150 tonnes of copper. This copper is then sold to a jewellery manufacturer for K500, 000. The jewellery manufacturer pays its workers K450, 000 to make copper necklaces, which the manufacturer sells directly to consumers for K1, 500,000. Calculate GDP using the three ways of calculating GDP
You may already have had this question answered so hopefully this helps anyone else with the same question. By definition GDP measures the current year's production. If you want to know the past production you would look at that data. Remember GDP is the measure of all FINAL goods and services. When you look at the past those are products that have already been produced and sold. If it is not sold and recirculated then it does not yet factor into the GDP. When the final good or service produces income that is spent on the "economy" then it is factored into the GDP. This is a more simplified explanation but hopefully it helps!
Where do we put recycling? Rare earth materials. Plastics, glass, magnets, copper, steel, aluminum ect. Most of it goes in the landfill. I see a world where are future generations are mining landfills for finite materials. We should be taking recycling more seriously. It products we can use to increase are domestic production
The answers to the practice multiple-choice questions are below. Just click on "Read more".
1. A
2. C
3. D
4. C
How to download the Circular Flow and GDP Practice Sheet
Step 1: Go to: acdcecon.thinkific.com
Step 2: Create a free account
Step 3: Enroll in the free version of the MACROeconomics packet (either AP or College)
Step 4: Go to Unit 2- "Circular Flow and GDP Practice Sheet (with answers)"
Step 5: Download the PDF, fill it out, and check your answers
*Note* Teachers- Do not print the practice sheet and give it to your students. This is NOT for in-class use. If you are interested in getting worksheets for your class, please go to my website: www.acdcecon.com/bulk-discount
@@craigsanders7893 I'm sorry thaat there was a mistak. I cant fix it now, but im sure you're students can forigive me
Jacob Clifford absolute savage
I see what you did there. Very clever. Also I got 4 out of 4 first try. Thanks for all your help you legend
love how the answer is ACDC
Thank you so much for posting the answers. Saved me 4 points
SOMEBODY GIVE THIS MAN A SCHOOL!
he is a teacher already
@@滅世彩虹大魔王 A whole School...
He doesn’t need to work for or with a school,,,, he is an entrepreneur already 😅
Yes but we need *him*@@catherinecocuo483
Thank you for the refresher! I am truly 1% smarter than yesterday after watching your video. Your macro-econ segment should be a must-watch video for all U.S. policymaking individuals and those who want a creative bare-bones approach to grasping GDP / Circular flow concepts. Keep cranking!
0:13 A Doctor in 1799 (A Presidental Loss) 6:48 The Great Depression, The Federal Reserve decreased the money supply
0:27 An Economist in 1929 (The Great Depression)
0:54 GDP, Gross Domestic Product
1:30 Measured in Dollars
1:52 Produced within the company, by a US company or a Foreign Company
2:09 Three Approaches to calculate GDP
The Expenditures Approach (The Purchases focused approach)
2:23 C + Ig + G + Xn
4:37 A Ridiculous Situation
5:08 What Does NOT Count In GDP
5:47 The Circular Flow Model
6:16 The Approches are illustrated by The Circular Flow Model
Super helpful
Tysm
I'm done with econ and I passed Micro and Macro(much thanks to you) but I still keep coming back to these. Great stuff!
samee
same here chuckles i guess i missed the great teacher. lol
My macro professor always has us watch 1-2 of your videos with each chapter relevant to what we're learning about. You're really helpful and I appreciate your content!
I can only learn from this guy, he's the best econ teacher and actually makes sense
I have a test tomorrow and I needed resources to help me expand my knowledge about these topics. I am truly grateful for this marvelous video!! :))
This brings me back to my college days using this channels videos to study. Very nice stroll down memory lane!
shut up dummy
his hair went from black to grey- thank you for teaching econs all these year, your videos are super helpful!
AC/DC is the answer and it’s in the background lol I see what you did there
So i go to one of the top MBA programs in the US and this guy taught me better in 10mins than my professor did with a chapter reading + 3 hour lecture....WONDERFUL. But seriously - good job Mr Clifford!
Mr. Clifford thinks he's sly with those answers xD
Thanks a lot for the amazing video!! It helped me a lot!! I didn't understand it when my econ teacher explained it, but with your video I completely understood everything!! Thank you!
Very happy with your video. I got a 4 on both the AP tests.
Love the new set! Thanks for all the videos. I could not have done Econ without you!
shut up
Your videos are awesome. I'm studying for my CPA exam, BEC, thank you very much!
Thank you very much! I really appreciate how you connected it to the depression and the lifeblood of the economy. It helps me understand what GDP really means
when i said "not you, you understand economics" at 0:46 i wanted to cry-
Jajajaja AC/DC answer key? This guys really loves this band 🤣
This just about summoned up my first lecture for macro, thank you so much!!
FACTS!!! my exam is tomorrow and I'm so nervous!
@@iivvyy1127 Best of luck!!!! Hope you do great!!
Joanne Magat I just took it and it was hard af😭
Sirr idk how to thank u but im just speechless god bless u i used to know nth thanks to u after i joined eco department ubhelped me alot❤❤❤❤❤
I want the app back!!!! thanks for this great explanation
when you put up the circular flow my brain had the exact thought as the sound effects LMAO
There are 31 people who aren't trying hard enough to appreciate this guy
Thank you so much sir ❤
I like this video very much.
you make this lesson understandable, thank u!
Great content. I learn and enjoy your videos. One suggestion is, it would be easier to understand you if you speak slower. On a few occasions, I had to slow down the video (Playback Speed) to be able to understand everything. Thanks and nice work.
You just put this on here for free? Wow. Thank you so much.
Thank you so very much Mister Clifford! Your content is very helpful and unique in whole internet. It has helped me a lot. Thank you so very much Sir, I really do appreciate you and your job! Getting ready to get into HKS and looking forward to meet you one day!
Your are an absolute blessing. Ac/dc rules, bill murray rules, you rule…. Macro, not so much, oh crap it does…A necessity for macro class! Thank you. Subscribe right now if your taking a class, you’ll be back.
I love the "you're gonna get that kid in class"
Thank u very much sir for lectures provided by u very much interesting u r lectures
Thank u soooo much for the questions!!! They helped me for my exams. I am grade 11 student and your classes are much better than my school course. Keep going!!
So does it mean that buying Second hand/pre-owned goods doesn't count as GDP?
For some reason I am not seeing the answers in the comments?
No problem. I added it above
i love ur presentation, thanks for the video
have been following your page and its been really helping and mind blowing 🥰🥰🥰🥰
4:42-4:54 tho🤣🤣🤣🤣 very helpful video tho & not as boring. Good job 👏
'I have also already watched the Circular Flow or the Matrix of the Circular Flow video
Love your videos. What are your thoughts on GDP? Do you feel like it's adequate to measure the economy, or what other measurements do you think are best?
also curious about this
Youre the best sir. I am learning a lot on here
Loved the video but out of curiosity, why do you have milk on your shelf 2:37 ???
This video should explain: czcams.com/video/LwLh6ax0zTE/video.html
I can't believe he only have 403k subs. Americans and British don't like studying it seems.
So many South Africans use his videos as well🤣🤣
indians do as well
How important is the income approach or the value-added approach on the AP Macro exam? On the old exam, I never really taught those approaches.
Hi good day, i did okay for the multiple choice but I don't understand how you got (a) for #1. Can you explain please?
Thanks Jacob, very cool
Writing my finals and on his channel to learn I need to know
i simply love you
This video saved my hhmmm for my test tomorrow.. our class is studying makiw principles of economics edition 7 and it literally is no help with calculating anything or giving examples.
How is number 1 A
GDP = C + I + G + (X - M)
I think maybe you ignore depreciation
Does selling used items instead of throwing them away count towards GDP?
I really need you to cover supply and demand again
i love your energy, good videos.
LOVE YOU MR. CLIFFORD
@jacob you did an awesome job!
I'm doing my master and that was totally helpful.
It would be greater if there was translation.
thank you Jacob. very information
My favorite lovely teacher
wow this video saves me!!!!!!!!!!!!!!!!!!!! thx a llot!!
This is very good
After getting A, C, D, I knew there was no way the answer wouldn't be c, very predictably sly.
Izinja Madoda🔥🔥
Ngl I find it easier to give up a spoonful of my blood than go grab food coloring.
4:41 lol this is me in my head 😂
Thank you for the wonderfully presented info! Filled my brain and lifted my spirits
how are households also the suppliers? thank you for your videos by the way..
I understand the main rule but what happens when I save my income as opposed to spending, that should at least cause some disparity in the equality between the income and expenditure approach?
it really helped me
Mr. Clifford: you understand economics
Me: Do I? oh yeah, this is econ so, (confidently) yes😎
Wait I'm confused! If we are not counting intermediate goods, then why does the added value from the yarn matter?
So how does the economy distinguish the intermediate good from the final product? What if I go to the grocery store and buy a tomato without telling anyone that I actually intend on using this to make a pizza and sell it?
why do we consider a business cycle expansion to be different from economic growth?
can someone explain the answer to the first mcq
Ok, so the equation for GDP is C+I+G+(X-M). C = consumer spending which is 3000 in this case. G= Government spending which is 1000. Gross private domestic investment is the total of business investment. So our I (Business Investment) is 700. Now we have more imports than exports meaning there is more buying than selling which will give us -200. 3,000 + 1,000 + 700 + (300-500) = 4500 (answer choice A). Note that depreciation is not counted. It would be counted if you were trying to get the NDP. Hopefully you found this useful!
@@VsroYT thank you!
@@VsroYT wait what’s the depreciation? i’m sorry! :(
@@VsroYT may god bless you, really thnx a lot
@@elifataoguz5361 np!
gross domestic product
معناها:اجمالي الناتج المحلي
Hello, I am confused about consumer behaviour chapter. Is there any video about it? Please let me know.
your videos are very helpful for me. I am studying Microeconomics global edition (ninth edition ). Do you cover chapters 3, 4, 6, 7, 8, 9 or 10 from this book?
This man is my hero
Is the free trial just for teachers?
Is depreciation included in GDP?
no
This man should replace my economics lecturer asap
Suppose that the following activities occur in a given year: A copper mining company pays its
workers K400, 000 to mine 150 tonnes of copper. This copper is then sold to a jewellery
manufacturer for K500, 000. The jewellery manufacturer pays its workers K450, 000 to make
copper necklaces, which the manufacturer sells directly to consumers for K1, 500,000.
Calculate GDP using the three ways of calculating GDP
thank you sir
So meaning thrift shops don’t count as GDP?😅
Silver bullion will be needed for future of GDP.
Our teacher requires us a rapport about Macroeconomic so I need a help to prepare it☹️please help me
Why does goods from years past not count in the GDP?
You may already have had this question answered so hopefully this helps anyone else with the same question. By definition GDP measures the current year's production. If you want to know the past production you would look at that data. Remember GDP is the measure of all FINAL goods and services. When you look at the past those are products that have already been produced and sold. If it is not sold and recirculated then it does not yet factor into the GDP. When the final good or service produces income that is spent on the "economy" then it is factored into the GDP. This is a more simplified explanation but hopefully it helps!
Thank you that wasn’t even a question on my homework or tests we just had to know the definition I was just curious
Answers are on the wall
notice how the mcq answers are acdc
i have a 54 in macro
can someone explain why 3 D and not E , Im confused !
Second hand stuff is not counted, and every product produced inside us will be counted.
Thank you! Also I love you.
1.a
2.c
3.d
4.c 9:05
"CACTI"
Wow man thank you
Ahhh those answers
Cheeky ;)
McCullough Mill
Where do we put recycling? Rare earth materials. Plastics, glass, magnets, copper, steel, aluminum ect. Most of it goes in the landfill.
I see a world where are future generations are mining landfills for finite materials. We should be taking recycling more seriously.
It products we can use to increase are domestic production
I don't get the 1st one
Lisette Throughway
Thompson Groves
Abel Lodge