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Economic indicators are economic statistics that tell us how well the economy is doing. The GDP, unemployment rate, and inflation rate are the most common macroeconomic indicators. The change in the GDP tells us whether the economy is in an expansion or recession. GDP is the total value of all final goods and services produced in within a country in a given year.

1. Do you think the GDP is a good indicator of economic well-being?

2. What other factors do you think contribute to a good standard of living?

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1. I think GDP is a good indicator of economic well-being for the country, but not for citizens.

GDP per capita is not a measurement of the standard of living in an economy. it does not suggest how citizens would benefit from their country's increased economic production. Similarly, GDP per capita is not a measure of personal income. GDP may ...

$2.19
See Also This Related BrainMass Solution

Short answer questions in economics: economics, market economy, command economy,supply and demand

Questions (also attached):

1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?

1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?

2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.

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