Purchase Solution

Pros and Cons of GDP as a Measure of Economic Health

Not what you're looking for?

Ask Custom Question

What are the advantages and disadvantages of using the Gross Domestic Product (GDP) as a measure of productivity and economic health? Explain your answers.

Purchase this Solution

Solution Summary

The advantages and disadvantages of using Gross Domestic Product (GDP) as a measure of productivity and economic health are explained in this solution.

Solution Preview

GDP is the total monetary value of all goods and services produced domestically by a country. It includes income earned domestically by foreigners, but does not include income earned by domestic residents on foreign ground. The data needed to calculate GDP is readily available, it's easy to understand, and is broadly accepted.

GDP can be used as a rough indicator of national progress in most of the world. GDP is often divided by the population of a country to obtain GDP ...

Purchase this Solution


Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.