ECN 1B Chapter 6: CHAPTER 6
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Question 4 what are the challenges in allerately fvng is is overall. Whatdoesgdp total output ofeconomy veryimportant tell us about our economy economy ht primary measure of a nation"soutput produced in motionduring a year. All outputs of businesses falls low income if production income. Gdp market value of ale final goodsdservices if economy produce valuable output_healthy sun high is good. Data when we want an average person person to gauge living standards for compute per capita gdp1gbpper. Per capita gdp total gdp not best indicator of living standards typical person for a. Time level of prices in the growth in overall inflation an economy. About 6 to 18 months business cycle e short activity fluctuation in economic run peak. Eief icontradinexpander i i recessioni deceivingeconomic activity risingeconomic activity. Gdp reflects market final goods and services counted in use market valves to add diff items.
