Lecture
This lecture covers the main components of GDP, including production, consumption, investment, savings, and trade. It delves into the trade balance, the role and determinants of the exchange rate, and the impact of monetary policy. The instructor explains the economic circuits involving labor, capital, exports, imports, and various actors like households, governments, and firms. The lecture also explores the concept of value added, the calculation of GDP, the significance of VAT, and the relationship between GDP, domestic production, and national income. Furthermore, it analyzes the decomposition of Swiss GDP and the implications of maximizing GDP. Real-world examples and data are used to illustrate key economic principles.