I hope you enjoy our write up as much as we do.

GDP = Output value - Intermediate consumption

I chose this video because it uses the most basic English to explain such a sophisticated topic in Economics so that even the most naive person about the subject can understand. I found the calculation of GDP very useful.

The reason I chose this image and this comparison specifically is because am quite shocked that Canada which is even larger than US with vast resources and expertise in all sectors is significantly behind the US. There are definitely other factors mainly political which come into play for this case, but I believe the day will come and Canadian economy and GDP will skyrocket as it deserves to.

The most shocking fact we came across during our research was that most of the investments in Canada are filled by foreign direct investment mostly done by the US and that's why we find that six of the ten biggest companies by revenue on Fortune's list of the world's largest are American or Chinese i.e Walmart, Amazon, Apple, State Grid, Sinopec etc while the top Canadian firm Brookfield ranks no. 158. We honestly had no idea.

Answer 2

A real time example of how we relate with the GDP is about paying our rent.

This was elaborated in video #3 where we learnt that how the current expensive housing in Canada affects the GDP. The video explained that as Canadians strive to buy houses or even pay rent (for us), they consequently end up remaining with less income and hence not being able to invest in businesses in the country hindering economic expansion and GDP at the same time.

Answer 3

We think the most important thing to pass onto a friend is;

We would tell them to take their time to study an economy of a country very carefully in regards to GDP and its economic state and studying its trends over the past years before making a decision to invest especially if it's going to be a multi-million or billion dollar investment.

I chose this website because it gives exquisite and precise data (number and graphs) about the current GDP in real time. I learnt about the crucial economic sectors that contribute to our GDP in Canada.

I chose this video because it presents real time and real world application/use of the theoretical concept of GDP that are discussing. If there's one thing I learnt, the higher the production in a country, the higher the GDP and the better the economy.

#Note: A good bit of the video also talks about inflation however we only focused on the economic growth and GDP part since that was our topic of discussion.

The high prices put Canadians in a spot where they spent most of their wealth/resources in buying homes rather than investing in business as a share of the GDP hence limiting economic expansion.

This has led to most of the investments in Canada to be filled by Foreign Direct investment mostly done by the US.

And that's why we find that six of the ten biggest companies by revenue on Fortune's list of the world's largest are American or Chinese i.e. Walmart, Amazon, Apple, State Grid, Sinopec while the top Canadian firm Brookfield ranks no. 158.

I chose this video because it fully elaborates the financial crisis Canada faces other than the surface knowledge we know about high rent prices i.e. it explains the cause, its implications and Canada's full potential if this were dealt with. I found all the stated statistics in here very useful for a future entrepreneur.

This is sequentially going to cause a big challenge for the Bank Of Canada in terms of contending with the negative shock to GDP and inflation.

The speaker continues to explain that in the worse case scenario the federal government has room to increase fiscal stimulus targeted to support a transition to a new economic equilibrium especially to the industries that were hit hard.

I chose this video because it discuses a few possible solutions that Canada could take action to neutralize the economic impact.

We notice that Canada's GDP was lowest in 2020 over the years and that was obviously associated with the Covid 19 events.

I chose this site since it shows real time and up to date GDP numbers in comparison to other years and other industries making it very reliable for all resources and data about the subject.

I chose this website it contains more basic data such as day to day, month to month data, graphs and charts to better portray the extent of every factor that contributes to the GDP of Canada.

According to the website, Gross Domestic Product(GDP) is an indicator or the standard measure of the economic output of a country. The numbers of this statistic are released by month, quarter or per year. The write up on the website further associates and differentiates GDP and GNP, mentioning that GNP accounts for product sold locally and internationally whereas the GDP only accounts for the international market. Mentions the types of GDP as Real, Nominal, GDP per capita and Purchasing power parity GDP.

It elaborates the methods for calculating GDP (income, expenditure and production method).

It further mentions that entrepreneurs and investors use this GDP data the most since they need to assess the economies across different borders before committing to invest time and resources n to different businesses.

I chose this site since it used the most basic, readable and understandable text to explain a concept topic so that even a high school student can get it.

The graph on the right of the image still indicates that the biggest part of the Canadian population works in the services industry as of 2020.

I chose this image since it talks about two factors (employment and GDP) that contribute to an economic status of a country.

I have genuinely enjoyed this course and infact I looked forward to those 2 hour lectures every Friday.

I have learnt a lot, exactly what I expected and I have learnt it from such a well grounded and humble person like you. I have honestly been inspired to become a better person. Its been a pleasure.