This lesson investigates one of the most noted and important measures of macroeconomic activity -- gross domestic product (GDP). GDP measures the total production of goods and services that, in principle, are available to satisfy consumers wants and needs. We see the ins and outs of the GDP measure. As a bonus, we also get a close look at several related measures of production and income, including net domestic product (NDP), national income (NI), personal income (PI), and disposable income (PI).

• In the first unit of this lesson, we take a look at the process of measuring gross domestic product, including what, in principle, is being measure.
• The second unit the turns to a detailed look at what IS included in GDP and what IS NOT included in the GDP based on the difference between market transactions and economic production.
• With the third unit we take a look at the two views of measuring GDP -- expenditures and resource costs.
• Moving on to the fourth unit, we get a look at the three related measures of income -- national income, personal income, and disposable income.
• And finally, the fifth unit considers a few issues related to measuring GDP, including what BDP does measure and what GDP doesn't measure.

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