Answered: Explain why economists focus on the…

Explain why economists focus on the GDP, inflation, and unemployment when assessing the health of the entire economy. Explain how the GDP is defined and measured.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section7.2: The Expenditure Approach To Computing Gdp For A Real World Economy

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Explain why economists focus on the GDP, inflation, and unemployment when assessing the health of the entire economy. Explain how the GDP is defined and measured.

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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