Lecture
This lecture explains how GDP is calculated by adding up the total production of goods and services using prices as a common denominator, avoiding double counting through value added, and how value added tax works. It also delves into the concept of value added, the importance of labor and capital in creating value, and how GDP can be calculated through incomes. The instructor uses examples like the production chain of a hoodie to illustrate how the final price includes various components beyond just manufacturing costs.