Gross Domestic Product (GDP) refers to the total market or monetary value of all the finished products and services Gross Domestic Product (GDP) refers to the total market or monetary value of all the finished products and services produced by a particular country within a specific time (Gwartney, 2018). GDP broadly measures a country\’s overall … Read more
How is unemployment calculated, and what is and is not included Read Chapter 8 of Macroeconomics: Private and Public Choice. For this discussion, address the following questions: How is unemployment calculated, and what is and is not included? What were the unemployment numbers for the latest three quarters? Why is unemployment mentioned in business news … Read more
Unemployment is calculated by taking the number of people who are unemployed and dividing that by the labor force and then multiplying that by 100 Unemployment is calculated by taking the number of people who are unemployed and dividing that by the labor force and then multiplying that by 100 (UE = (# employees / … Read more
Fluctuations in real GDP influence the demand for labor and unemployment As we learned in Chapter 7, gross domestic product indicates whether an economy is healthy or not. “Fluctuations in real GDP influence the demand for labor and unemployment” (Gwartney et al, 2018). The number of people who participate or do not participate in the … Read more
How do you think income elasticity affects a normal good versus an inferior good Respond to the following in a minimum of 175 words: How do you think income elasticity affects a normal good versus an inferior good? Provide a real-world example. Answer preview to how do you think income elasticity affects a normal good … Read more
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