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economics gdp vs output Watch

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    when someone says 'measuring output' do they mean 'measuring GDP'?
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    In short, no, they don't.

    This article outlines the differences very clearly, with a nice example too. (talking about turning a piece of raw wood into furniture)
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    (Original post by N123456789)
    when someone says 'measuring output' do they mean 'measuring GDP'?
    That depends on the context. If someone simply says 'measuring output' with no context, it is quite difficult to know exactly what they are talking about. In the context of a demand and supply graph, you know that they are simply talking about the quantity of a good or service produced. In the case of an AD/AS graph, or any sort of macroeconomic concept, you know that they are talking about real GDP because real GDP = real output = real income = real expenditure, so it really depends on the context. If you don't know why real GDP = real output = real income = real expenditure, I would suggest watching the video below:
    https://www.youtube.com/watch?v=gaEY-p-21F8
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    Isn't GDP macroeconomic & output microeconomic?

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