Please assess the concepts and measurements of GDP, the business cycle, unemployment, inflation, and interest rates.
Provide at least three specific examples. Thanks for the help with this...
Measurements of GDP
GDP is the abbreviation for Gross Domestic Product which is the market value of all the services and products produced by a nation in a given period. The GDP measures the growth levels in the economy of a nation on the basis of the financial activities in the economy. The two methods that are used in the measuring of the GDP are; the expenditure method and the income method. Through the expenditure method, the aggregate expenditures on the final goods and services produced during the year are measured are added up. In the income method, the owners of the resources produces during the year are summed up to ascertain the income value (Zaheer, n.d).
Measurements of the Business Cycle
The business cycle is the curve that shows the alterations in the GDP through the growths and contractions of the economic activities. The measures that are used in the business cycle are the changes that are ...
The concepts and measurements of GDP, and the business cycle is examined.