Qué es el PIB y cómo se mide? | Cap. 1 - Macroeconomía — Transcript

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1. 0:00This chapter is the first in the Basic Macroeconomics course.
2. 0:03Let's start with the measurement of GDP.
3. 0:05It is important to know this concept because it is the most accurate that economists have
4. 0:09at the moment to measure the size of a country's economy.
5. 0:13Before answering the question: how is it measured, let's define.
6. 0:17GDP is the Gross Domestic Product, which in other words, is the total value of the production
7. 0:22of final goods and services of a country in a given period.
8. 0:30Now let us separate this definition into parts.
9. 0:32Referring to the "total value of production" means that the measure of GDP includes all
10. 0:37goods and services that can be measured.
11. 0:39Although there are some products such as drugs or domestic services that are very difficult
12. 0:44to measure.
13. 0:45The part of: "goods and services" because the GDP not only measures the value of all
14. 0:50goods like cars or houses but also services like legal advice or a haircut.
15. 0:58"Final" means that GDP only includes final goods in its measure.
16. 1:03If a company sells an engine to another company for the production of a car, only the final
17. 1:08value of the car is taken into account, the engine would only be an intermediate good.
18. 1:13We refer to "a country" because, for example, the production of an American company located
19. 1:21in Spain is part of the Spanish GDP.
20. 1:24And finally, "in a given period".
21. 1:29To facilitate its measurement and analyze its growth, it is necessary to delimit the
22. 1:34period of time during which the goods and services are produced, normally measured on
23. 1:38a quarterly or annual basis.
24. 1:39After having defined GDP in detail, let's see how it is measured.
25. 1:44One of the tools is by means of this formula: GDP equals consumption, plus investment, plus
26. 1:52government expenditure, plus exports, minus imports.
27. 1:56Consumption is the goods and services that are bought by families and companies for their
28. 2:01final consumption.
29. 2:03For example, clothes, televisions, a drink or a doctor's visit.
30. 2:05Investment is the total of purchases made, usually by businesses, in capital equipment
31. 2:14or machines to produce more goods, for example, a computer, a new machine or inventories of
32. 2:19any inputs.
33. 2:20Government expenditure is the expenditure of the general government on goods and services.
34. 2:25This includes the salaries of civil servants, the construction of a school, computers or
35. 2:31the organization of a public event.
36. 2:34This excludes the payment of pensions or unemployment insurance because there is no exchange of
37. 2:38services.
38. 2:39Exports contribute positively, the more a country exports the more it increases its
39. 2:42GDP.
40. 2:43In contrast, imports are goods brought in from abroad, so they decrease the GDP of the
41. 2:49importing country.
42. 2:50For example, let's suppose that an inhabitant of the country buys a cell phone manufactured
43. 2:57in Japan, the value of the cell phone counts as consumption but is subtracted as import.
44. 3:03Then it is not really affecting the GDP.
45. 3:04In other words, if a country's exports are 10 million and imports 9 million, what really
46. 3:10counts in GDP is 1 million, corresponding to net exports.
47. 3:14In conclusion, if we add up all these values we have the GDP of a country or a region.
48. 3:21I hope this video has been useful to you, if you have any doubts or suggestions please
49. 3:25leave it in the comments.