ECON 2105 Lecture 4: ECON 2105 - MACROECONOMICS
Document Summary
A student has not yet graduated from school but is looking for a job. Why or why not: if the student is at least 16 years old, then the individual would be considered part of the labor force. The student would be part of the labor force because the individual would have met the age requirement and is actively seeking employment. Consider what components are not included on gdp: gross domestic product, or gdp, is an accumulation of all services and final goods generated in a nation"s borders during a period. Gdp is a misleading measurement of economic performance because it is geographically focused. With gdp being geographically focused, it allows for a misleading measurement due to gdp being received by a nation"s border in which product output was produced. This is misleading because the output also includes products that have been generated in another nation"s borders whose factors of production would have been used to create the product.
