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Module 10
The Circular
Flow and Gross
Domestic Product
Margaret Ray and David Anderson
What you will learn
in this Module:
• How economists use aggregate measures
to track the performance of the economy
• The circular flow diagram of the economy
• What gross domestic product, or GDP, is
and the three ways of calculating it
The National Accounts
• National Income and
Product Accounts
• Reliability
The Simple Circular-Flow
The Expanded Circular-Flow
Gross Domestic Product
• Final goods and services
• Intermediate goods and services
• Value of all goods and services produced
(value added approach)
• Aggregate Spending (C + I + G + XN)
• Total Factor Income
The Components of GDP
What's Included
Not Included
Intermediate goods and services
Domestically produced final goods and
services, including capital goods, new
construction of structures, and changes to
Used goods
Stocks & Bonds
Foreign produced goods & services