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ECON102 What GDP is and What it Measures?

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Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure well-being of a nation and its citizens' welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?

Minimum of 250 words

Tags: macroeconomics GDP measures Econ102 Gross Domestic Products

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Running head: GROSS DOMESTIC PRODUCT

Gross Domestic Product
Student Name
University
Course Title
Date

1

GROSS DOMESTIC PRODUCT

2
Gross Domestic Product

Gross Domestic Product, mostly known as GDP is one of the most used economic
indicators. This indicator measures the global value of the good and services produced in a
given country, measured within one year (Kurtzleben, 2014). In concr...

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