Gross Domestic Product (GDP) is the broadest measure of output for an economy

Gross Domestic Product (GDP) is the broadest measure of output for an economy

Week 2 Discussion Post2: Gross Domestic Product (GDP) is the broadest measure of output for an economy.  However, GDP does not perfectly measure well-being of a nation and its citizens’ welfare.  Discuss what GDP is and what it measures?  Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?

 

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The Gross Domestic Product (GDP) is used to measure the economy of a certain country at a given interval of time. The GDP is classified into two namely the nominal GDP and the real GDP. In its essence, the GDP is used to measure the cost of the total process of manufacturing. Take, for instance………………….

APA

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