In this series of videos, we hope to simplify some ideas on key topics on Economics. The focus is to explain the terminology and lay down the framework for further reading. Note that we may have erred on the side of oversimplification on some of these ideas. So, kindly do more reading than this in order to get ready for the interviews. Since most of the interviews happen during budget season, these terms are "in the air", so be well prepared for them.
In this particular video, we are going to learn about definition of GDP, key components of GDP, difference between GDP and GNP, difference between real growth and nominal growth, meaning of purchasing power parity and other related terms.
In this particular video, we are going to learn about definition of GDP, key components of GDP, difference between GDP and GNP, difference between real growth and nominal growth, meaning of purchasing power parity and other related terms.