Macro 2.1/2.2 GDP and the Circular Flow

This video covers topic 2.1 and 2.2 of the AP Macroeconomics Course Exam Description (CED). This video is all about the circular flow model (diagram) of the economy, gross domestic product (GDP), output expenditure model, income approach, value added approach, and the limitations of using GDP as a measure of standard of living. To read more about this topic, head to these links: https://www.reviewecon.com/circular-f... AND https://www.reviewecon.com/gross-dome... To get more practice with the skills needed to ace these exams, head to ReviewEcon.com where there are lots of games and activities to help you practice. https://www.reviewecon.com/games-acti... To support this channel, like and subscribe, then purchase the Total Review Booklet from ReviewEcon.com: https://www.reviewecon.com/total-revi... Follow me on twitter:   / apeconguy   or Follow me on facebook:   / reviewecon   Note: AP©, Advaanced Placement Program©, and College Board© are registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this material. I would like to acknowlege the work of Dick Brunelle and Steven Reff from Reffonomics.com who’s work inspired many of the review games on ReviewEcon.com. I would also like to thank Francis McMann, James Chasey, and Steven Reff who taught me how to be an effective AP Economics teacher at AP summer institutes; as well as the countless high school teachers, and college professors from the AP readings, economics facebook groups, and #econtwitter.