Raising Productivity Is Important for Unlocking the Economic Potential of a Country.

A rise in per capita GDP signals growth in the economy and tends to translate as an increase in productivity. (Investopedia, n.d.)

GDP, or gross domestic product, is the sum total value of all goods and services produced by a country within a given year. To achieve this sum, everything produced and exported, all of the money spent by consumers and government, investments, and many other contributing factors are calculated and combined. A nation’s GDP is used as the main indicator of the economic status of that nation. In general, the higher a country’s GDP is, the greater the health of that country’s economy. However, GDP is not as helpful or accurate a calculation as “real GDP”. Real GDP is a term that refers

A lot of us have heard of the term GDP, especially toward the end of official year, but probably don't pay much attention to it. But to economists, businessmen, firms as well as governments, GDP is one of the most important tool used to reflect how a country do not only in economic but also in social and political perspectives. But what is GDP? What are its components? Why is it so important? And if GDP is that important and necessary, why are there still controversies against it?

-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.

To get everything produced by a country's citizens, no matter where they are in the world, you should look at Gross National Product (GNP), also called Gross National Income (GNI).” (Amadeo,K. n.d) Each month, the Bureau of Economic Analysis (BEA), an agency of the U.S. Department of Commerce, releases an estimate of the level and growth of U.S. gross domestic product (GDP), which is the output of goods and services produced by labor and property located in the United States.

Narcobusiness is entrenched in economies and in lives of people in the drug producing countries. It provides much better income than traditional jobs. Weakening of the state, its inability

Productivity refers to what can be produced at a given time with the least resources and effort. Productivity can also be defined as the ratio that estimates ho properly an organization converts its resources into goods/services or financial results such as profit. Workplace settings can be perceived as the pressures, situations, stresses, aggressive, demographic, social, regulations and technological elements that affect the operations, survival, and growth of organizations.

Gross Domestic Product, also known as GDP, is defined as the dollar value of all final goods and service produced within the border of a country during a specific period of time, typically in one year. GDP measures the value for the whole country, and it also changes quickly. We can take a look at the trends of US GDP in the website of the U.S. Bureau of Economic Analysis.

In Milton Friedman’s video Incentives for Immoral Behavior, he goes over the history of Great Britain’s corruption and smuggling issue in the 18th century and, how, by abolishing certain unneeded laws and market restrictions, it to become a respectable and incorruptible civil service again. By eliminating certain laws, we can reduce the about of bribery and dishonesty in the police and legal services. Not only does this action lessen the amount of corruption, it also reduces the amount of wasted time that is needed to enforce said laws and allows the police to focus on other more essential laws. Milton Friedman talks about how legalizing drugs would reduce the number of innocent bystanders that are impacted by one person’s choice to consume

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.

“They funnel money into the illegal market and drive criminal activity”, Spithoff, Emerson and Spithoff argues that the prohibition of cannabis led to investment in large amount of money into its illicit market and ignites various kinds of criminal activities in society (1211) and “The most obvious are the gang hits and gun battles that indeed impact the safety of Canadian streets, much of it fuelled by turf battles over the illegal drug trade”. MacQueen claims that the prohibition of hemp is the main cause of fights between rival gangs which often put public safety on a great risk (17). While government can take over this situation by using the experience of other countries like Uruguay and Portugal in which cannabis was decriminalized about fifteen years ago and “has the lowest addiction rate of illegal drugs in all of Europe” (Akpata 14). Akpata also concludes that this will end up in the release of thousands of non-violent citizens who are behind the bars for smoking a plant of marijuana

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

In the specific case of healthcare and marginal product, this would be the quantity of medical services divided by change in the variable input. With productivity rising to its optimal level, marginal productivity will then equal average productivity and thus average productivity is maximized. An example of this would be purchasing units of hospital beds. The more bed in inventory the more production will be realized at a certain point. Then productivity would be diminished at a rate specified above.

Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of

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