Youssef Maher by

Video#1: GDP & Economic Growth

Youssef_Maher — 2023-11-27 02:05:38 UTC

The video is explaining what is economic growth and GDP (Gross Domestic Product). Secondly, it shows that there are two kinds of GDP: Nominal GDP and Real GDP. The difference between these two is that nominal GPD is influenced by price level/inflation whereas Real GDP is adjusted to inflation and so more accurate. Thirdly, the video gives formulas to convert nominal GDP to Real GDP by using the CPI (Consumer Price Index) and from there we can measure the economic growth by subtracting real GDP of this year with real GDP of last year and divide it by real GDP of last year.

I chose this video because firstly, it gives very concise and clear definition of GDP and economic growth and secondly, gives formulas how to measure them. The piece of information that I found useful and new is that there are two types of GDP: Nominal and real.

Video#2: Difference between Nominal and Real GDP

Youssef_Maher — 2023-11-27 02:59:50 UTC

The video gives a simple case study with apples to show the difference between real and nominal GDP and how to calculate them.

I find the video very useful because the example, while it is very simplistic, helped me understand the basics. The use of graph to represent the GDP and its increase between year 1 and 2 made it very easy for me to grasp the idea.

Youssef_Maher — 2023-11-30 00:19:07 UTC

Hello everyone,

in my Padlet, we will explore the notions of GDP and Economic Growth and the relation between the two through websites, videos and images.

Website#2: Gross domestic product by industry - September 2023

Youssef_Maher — 2023-12-01 01:56:37 UTC

Statistics Canada releases data and charts with great details about the Canadian economy every quarter. This page informs us about the changes in the real GDP by industry sectors every 3 months: Manufacturing, Mining, quarrying and oil and gas extraction, Construction, Agriculture, forestry, fishing and hunting contracts, Wholesale trade, Real estate, Finance and insurance, Arts, entertainment and recreation.

I found the website interesting because it gives in details which sectors have expanded and which ones have contracted and providing the rate of change.

Website#1: Gross domestic product (GDP)

Youssef_Maher — 2023-12-01 02:21:25 UTC

This website page gives a definition of the GDP, the different types (Nominal GDP, Real GDP, GDP per capita, Purchasing power parity GDP), the 3 different methods of calculation (The expenditure method, The income method, The production method), where to find the data (Statistics Canada) and why the GDP fluctuation is important for entrepreneurs and businesses. the GDP indicator gives a sense of the economy’s health: growing, contracting or stagnating.

I learned from this website that measuring GDP is not only useful for governments but also for companies in helping them evaluate the potential market size and make better business decisions.

Image#1: Canada GDP growth rate from 2018 to 2028

Youssef_Maher — 2023-12-01 02:49:43 UTC

The image shows fluctuations of Canada GDP since 2014 and forecasts until 2028. It give overview of the GDP changes in last 10 years and prediction for the next 4 years. Predicting future GDPs is new information for me.

Image#2: Overview of Canada's GDP changes during the last 50 years

Youssef_Maher — 2023-12-01 03:03:51 UTC

The graph gives a overview of Canada's GDP fluctuations during the last 50 years. It is mostly positive except during 4 depression periods: the first oil crisis (1973), Early 1990s recession, the great recession (2008) and the Covid-19 recession

Website#3: Overview of Canada GDP since 1870 and transformations

Youssef_Maher — 2023-12-01 04:01:29 UTC

The article gives an overview of the GDP and the pros and cons of this economic indicator. it shows the evolution of Canada's GDP from 1870 to 2016 and the real GDP Per Capita during this period. The graphs show also the shift of the economy in the composition of output away from goods and towards service production. It become over time much more diversified. Agriculture accounted more than 40% in 1870 is now less than 10%.

I found this website interesting because it gives historic evolution of the GDP and transformations over a long period of time

Video#3: Understanding Economic Growth

Youssef_Maher — 2023-12-01 04:14:06 UTC

The video explains the concept of economic growth and how growth occurs. Its define more in details the economic growth using mathematics and economic models. Economic growth depends in 3 factors: capital, technology and institutions.

Video#4: Productivity and Economic Growth

Youssef_Maher — 2023-12-01 04:29:17 UTC

The videos explain why some countries are rich and others have poor. GDP per capita which is related to the output per person informing how wealthy a country. More a worker produces, more money he gets. And so economists consider that the main reason that some countries are rich is because of productivity. Factors of production that effect productivity: Land, Labor (Workers) and Capital (Financial and human capital). In conclusion, increasing in productivity has resulted in increasing in standards of living.

Website#4: Canadian economy and Quarter GDP Growth

Youssef_Maher — 2023-12-01 04:42:12 UTC

The website page give information on the economic growth in 2022 quarterly

Questions

Youssef_Maher — 2023-12-01 04:48:53 UTC

1) This topic is interesting to understand the topic of economic growth and GDP more in depth.

2) This topic help me understand how technonology

3) Wealth of a country is related to its productivity. More productive they are, more rich they are