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ECO 203 Measure of Economic Health Paper

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The Measure of Economic Health 1
The Measure of Economic Health
Roosevelt Addie III
ECO203: Principles of Macroeconomics (BNK2009A)
Jason Friedline
March 9, 2020

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The Measure of Economic Health 2
With everything that is going on with the economy today, it is important to keep up with
the nation’s gross domestic product. The GDP is the value of everything in the country that is
being produced. The GDP is the total value of goods he total value of goods and services
produced within a country’s borders in a specific time period — monthly, quarterly or annually.
GDP is an accurate indication of an economy's size.
(https://www.investopedia.com/articles/investing/121213/gdp-and-its-importance.asp) Because
the Gross Domestic Product focuses on the monetary and the size of the economy, the modern
economy has lost sight of the fact that it doesn’t reflect the nation’s welfare.
GDP is intended to measure an economy's production. It incorporates only the production
of final goods, which will not be further transformed during the period under consideration
(usually one year). (Lemieux, P. (2016). What you always wanted to know about GDP but were
afraid to ask. Regulation, 4. http://search.ebscohost.com.proxy-
library.ashford.edu/login.aspx?direct=true&db=edsbig&AN=edsbig.A477086120&site=eds-
live&scope=site.)
The GDP is also important because it gives us an insight on the size of the economy and
exactly how the economy is performing. The GDP numbers are just as important. It is important
to keep up with the GDP numbers in the nation because it can tell a person how fast the United
States is growing and what different industries are growing and slowing down.

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The Measure of Economic Health 1 The Measure of Economic Health Roosevelt Addie III ECO203: Principles of Macroeconomics (BNK2009A) Jason Friedline March 9, 2020 The Measure of Economic Health 2 With everything that is going on with the economy today, it is important to keep up with the nation’s gross domestic product. The GDP is the value of everything in the country that is being produced. The GDP is the total value of goods he total value of goods and services produced within a country’s borders in a specific time period — monthly, quarterly or annually. GDP is an accurate indication of an economy's size. (https://www.investopedia.com/articles/investing/121213/gdp-and-its-importance.asp) Because the Gross Domestic Product focuses on the monetary and the size of the economy, the modern economy has lost sight of the fact that it doesn’t reflect the nation’s welfare. GDP is intended to measure an economy's production. It incorporates only the production of final goods, which will not be further transformed during the period under consideration (usually one year). (Lemieux, P. (2016). What you always wanted to know about GDP but were afraid to ask. Regulation, 4. http://search.ebscohost.com.proxylibrary.ashford.edu/login.aspx?direct=true&db=edsbig&AN=edsbig.A477086120&site=edslive&scope=site.) The GDP is also important because it gives us an insight on the size of the economy and exactly how the economy is performing. The GDP numbers are just as important. It i ...
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