- Read Chapter 7 of Macroeconomics: Private and Public Choice.
- Gwartney, J. A., Stroup, R. L., Sobel, R. L., & Macpherson, D. A. (2018). Macroeconomics: Private and public choice (16th ed.). Cengage Learning.
Define GDP in your own words. Additionally, address the following:
- What is measured and, just as importantly, what is not measured?
- What has GDP been for the latest three quarters here in the US?
- Why is GDP mentioned in business news so often and used as an important metric for our economy? Is this number accurate? What are the pros and cons of this measurement?
- Explain how real GDP is different and how it is calculated.
Your initial response should be a minimum of 200 words.