Macroeconomics paper

Macroeconomics paper

The Measure of Economic Health

[WLOS: 1, 2, 3] [CLOS: 2, 4]

Gross domestic product (GDP) is defined as the value of final goods and services that are produced in a country’s territories within a certain time period, usually a year.

In your paper,

  • Assess GDP’s importance.
  • Examine the shortcomings of GDP in measuring a country’s economic health?
  • Discuss using GDP to evaluate the business cycle.
  • Examine factors that may affect the business cycle.
  • Evaluate the health of the current U.S. economy by its GDP, business cycle, and economic growth.

The Measure of Economic Health paper




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GDP is a monetary measure in terms of market price, of final goods and services that have been produced over a time period, either quarterly or yearly. It remains a useful tool for determining for comparing the living standards between various nations. This paper seeks to look at the importance of GDP and how it fails short in measuring a countries economic growth. Moreover, it discusses the use of GDP to evaluate the business cycle, factors that affect the business cycle and the current health of United States in terms of its GDP, business cycle and economic growth.

The Importance of GDP

GDP is not just a number. It is the basis through which the overall picture of the economy can be viewed from. It is important for the following reasons.

(1,379 words)

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