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.

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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.

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