Economics : The Top Five Things A Student

5. How are the wealth and productivity of a nation usually measured, and what other factors must be considered when evaluating the well-being of a nation’s people?

-The nation’s GDP is a good measure of its economic well being and progress because it represents the total value of all goods and services produced in an economy, and what a country produces and what it consumes are nearly identical.

In view of the weak economy of the last several years, explain which of the four components of GDP had, or is having, the greatest positive impact in our economy. Use your results from the second e-Activity to support your response.

14. Explain why a nation’s GDP is both a good and poor measure of its economic well-being and progress?

The study and application of macroeconomics influences the well-being of a nation by achieving high rates of material production and by keeping track of how much of something is being consumed. The United States is one of the wealthiest countries in the globe, making the government powerful. Government intervention in the Untied States is an important factor that keeps the economy running. Enough power to control the business cycle keeps money circulating the nation. The business cycle includes economic downturns, classified as recessions, expansions, business-cycle peaks and troughs. A good government is essential for the economy to run smoothly. There are three main macroeconomic variables in the nation that the government focuses on, Gross Domestic Product (GDP), unemployment rate, and inflation rate.

Entering this class, I was a little concerned as to whether or not I could keep up. I have previously had economics classes, but it has been over 15 years. However, what I found was that as I got into the reading, many of the concepts and procedures came back to me. I recently took graduate level accounting and statistics classes, and that is helping me understand much more in this class. However, it has also caused me to go a little overboard and work problems further through than necessary. The two most important new things that I have learned are price elasticity of demand and relevant costs.

Before attending this college and especially attending your class I would have said that my knowledge about the United States economy would be average at best. I knew my political views and what decisions I would like to see government officials make based on them, but I really did not know the different domino effects that could occur when only one economic decision is made.

When we think about GDP, it is important to determine the country’s output. When I say the country’s total output I mean everything produced by the people of the country, as well as all the companies within the country. Today I will be discussing to you all the recent history and expected future conditions of the American economy.

The Gross Domestic Product (GDP) is a calculation that provides insight into the current economy of our nation to allow individuals to understand the current and past year’s standings in the economy. The calculation of the GDP allows for the government to determine what adjustments are necessary to manage an effective status for the economy. Based upon the GDP the government can forecast any necessary changes that must be made to either the monetary policy or the fiscal policy. The wealth of a country is based upon the government’s ability to manage the economy through the monetary system and not on the amount of money that is located within that economy. The calculations for the GDP are produced to provide the most

Economics growth is, it the short run an increase in real GDP and in the long run an increase in the productive capacity of an economy (the maximum output that the economy can produce). GDP stands for Gross Domestic Product which is the country’s production of goods and services valued at market price in a given time period. Real GDP is when these figures are corrected for inflation using a base year (The UK uses 2003 as its base year). It can be measured in three different ways; the output measure is the value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government. The

Robert F Keneddy speech on GDP highlighted the unique aspects associated with the understanding of GDP. The speech talked about the meaning and importance of GDP and the misinterpretations that are often attached with the concept. He was of the view that accumulation of material things has remained a main focus of economic agents and doing so community values and community excellence are often compromised. In his speech he presented an important concept that GDP cannot be used as a measure of welfare of wellbeing of the economy because it does not take into account the health of individuals, their standard of living, quality of education provided to the individuals etc. In this way it is not a good option to rely on GDP while having an idea about the development of an economy.

When I was first given this assignment I was extremely perplexed at how I would even begin to finish it. I had no idea how economics related to my life in anyway. I hadn’t thought about it critically and I struggling terribly. Thanks to some much needed help from a fellow classmate, he allowed me to get an idea of things from his own essay. After reading not one, but two other essays, I was so surprised at how oblivious I had been. I never realized that just about everything that goes on in my daily life is, in fact, economics. I never realized that from the things I buy to the money I earn from working is all economics. The things I miss out of while working or going to school is a complete opportunity cost. Or even

Some of the most compelling topics that I learned in this topic only came into focus at the end of the course. Economics is a very large and complex study and reflecting on this subject, piece by piece, requires some patience and ability to put the pieces together. The relationships between simple choices, such as supply and demand, drives all economic and commercial exchange but only through the lens of economic models that attempt to layout this system by combing mathematical principles and psycho-social evaluation. All in all, this was very interesting introduction to some of the complex drivers that propel society.

In earlier times Gross Domestic Product was one of the main indicators to measure a country’s wealth. Gross Domestic Product (GDP) is defined as the total value of all the goods and services produced by a nation in any given year ("Is the Gross Domestic Product (GDP) a Good Measure of Prosperity?"). There are two ways of calculating a country’s GDP. The first is the income approach which is calculated by adding the wages of workers, income from rent, interest and profits. The second, more common form of calculating GDP, is the expenditure approach. Here GDP totals consumption expenditure, investment, government spending and net exports. GDP statistics are considered to reflect a county’s economic output which could possibly lead to growth. However GDP is a measure of income and it should not be confused with wealth. Which is why most modern economists do not consider GDP to be a good measure of a

not afraid of doing business with anyone no matter what their position is. I realized that all those people are exactly that – people, and that there was nothing I should be afraid of.