Title: Module 1 Introduction: (CU2 M1)
Course: SkillsCom EC 202 15.0 > Section: Credit Unit 2 Module 1 - Measuring Total Output

Module 1 introduces gross domestic product (GDP), the most common measure of total production within an economy. Specifically, Module 1 examines the definition of GDP, how GDP is calculated, and the shortcomings of GDP. In addition, real GDP and nominal GDP are distinguished from each other.

Module Outcomes:

- Define GDP in words and know its formula.
- Calculate GDP when given the relevant statistics.
- Explain how real GDP differs from nominal GDP.
- Use the GDP deflator formula.