By the end of this section, you will be able to discuss how productivity influences the standard of living, explain the limitations of GDP as a measure of the standard of living, and analyze the relationship between GDP data and fluctuations in the standard of living.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Identify the components of GDP on the demand side and on the supply side
Evaluate how economists measure gross domestic product (GDP)
Contrast and calculate GDP, net exports, and net national product