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Gross Domestic Product – Economic Lowdown

#teachecon #economiceducation GDP data are among the most important economic data available for measuring economic growth, but measuring the output of a large, dynamic economy is a complex task. Scott Wolla of the St. Louis Fed explains what GDP measures, how it is calculated, how it is useful in determining whether and how quickly the economy is growing, and how GDP can be used as indicator of standard of living. Part of the Economic Lowdown Video Series. Instructors, learn more at: https://www.stlouisfed.org/education/...