Macroeconomics - Measuring the Size of the Economy, introduces
Measuring the Size of the Economy, introduces Gross Domestic Product, which is the value of all goods and services produced in a country in a given year. It is sometimes thought of as our nation’s income. For this discussion, your task is to:
Explain the merits, and why we would expect to see a correlation between GDP and well-being.
Explain the shortfalls of analyzing GDP, by itself, to assess the state of the economy.
Explain the limitations of GDP as a measure of the standard of living;