GDP as a measure of welfareView Full DescriptionWeek 2 Discussion Post 2: Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure the 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.

In general: the paper is 2-3 pages in length. It requires you to find a newspaper article that is related to one of the core concepts (units) listed on the class calendar. On page 1: you discuss the technical/ theoretical information, and the questions you must answer about the concept you chose. For example; If you write about unemployment you need to answer a series of questions such as: who is an unemployed person? How do we measure unemployment? What are the types of unemployment ...) Write this in paragraph form, so it is logical, sequential in its development and to the point. Page 1 is not a glossary, it is to see how you are able to convey the basic information to a reader (your instructor). There is no need to site information you use on page 1 since it is common knowledge in the course. You are not allowed to use quotes. Please use your own words. page 2: On page 2 you analyze the newspaper article. What you write technically, and provide information about on page 1, must be applied on page 2 page 3: Graphs All graphs must have titles (placed above the graph). The graph required is an economic model graph (i.e. AD& AS, Aggregate Expenditure...) No statistical, bar, or pie graphs. All axes must be labeled and in correct measurable units. All curves labeled; all equilibrium points labeled. The graph should match/ explain what you have written on page 2.Some topics such as unemployment, inflation and the public debt might not require graphs, but I expect graphs when you are talking about AD,AS, Keynesian economics, fiscal and monetary policies, or the classical theory.You must include your article or its URL with your paper.Caution: The graphs required are ones that illustrate the economic theories and the concepts we learned in class, NOT BAR OR PIE GRAPHS DISPLAYING STATISTICAL DATA INCLUDED IN YOUR ARTICLE.Here is instructions on how to complete the paperEconomic Principle:Any of the course concepts listed on your course calendar: unemployment, inflation, economic growth, fiscal policy, monetary policy, public debt....Page 1Explain as completely as you can the economic concept you chose.Page 2Select an article FIRST PUBLISHED THIS Term that represents a situation where your theoretical knowledge/ information discussed on page 1 is applied. You MUST ATTACH A COPY OF YOUR ARTICLE. Without it, your paper cannot be graded. Briefly (no more than 1/3 of the page) explain the situation. Then spend most of your time relating the article's events to the economic principal. Page 3Graph. Construct a properly labeled graph that explains/ pertains to your discussion of the article on page 2.Don't worry if you don't have numbers to put on your graph; relative changes will suffice.KEEP READING....You haven't gotten to the formatting instructions for this assignment yet.Scroll down some more!Your NameYour course number here (5 digit number)Application Paper"Back-to-Nature Trend Moves Consumers Away From Artificial Christmas Trees"The Sacramento Bee, January 6, 1997ECONOMIC PRINCIPLE:Example: Just an illustration- This topic is a micro topic you can't useDemand - The factors that can shift demand & the impact of an increase or decrease in demand on equilibrium price (Pe) and equilibrium quantity (Qe).Use the rest of page 1 to elaborate on this economic principle.THIS ARTICLE:« DO INCLUDE THIS SECTION HEADING AT TOP OF YOURPAGE 2!Use page 2 to explain what's going on in the article. (Here, in the Christmas tree market, it appears tastes have changed and caused demand for artificial trees to fall. That would shift the demand curve to the left and cause both Pe and Qe to drop.)Page 3 is a graph depicting the tree market before and after this change in preferences. It shows both supply and demand initially, with Pe & Qe identified. To this base-graph is added the revised demand curve (here, farther to the left since demand for artificial trees is falling) and the new Pe and Qe are indicated. GENERAL REMINDERSReports must be TYPED (11-12 pt font, black ink on white paper), DOUBLE-SPACED and cannot exceed 2 pages in length, not including graphs. Use the FORMAT PROVIDED. Do include section headings.Attach a copy of the article you're writing about or its link to your papers. Your article must be something published since the start of this Term. Use any publication you like. Business publications are fine, but so are Sports Illustrated, Newsweek, your neighborhood Booster, or any other. You can find economic issues in all kinds of magazines and newspapers. You can pull an article off the Web as long as it is from a generally recognized periodical, originally published this Term, and you attach a copy to your paper.Your task here is to APPLY economic concepts, NOT TO SUMMARIZE articles.IDENTIFY THE RELEVANT ECONOMIC CONCEPT at the top of your paper.In the 1st section of your paper, thoroughly EXPLAIN THE CONCEPT IN YOUR OWN WORDS. Do not quote the book and don't refer to your article yet. This should fill up your 1st page.In the 2nd section of your paper, EXPLAIN HOW THE ARTICLE ILLUSTRATES THIS CONCEPT. Your task is to demonstrate a working knowledge of economics, NOT to simply summarize the article. Play the role of the econ professor constructing an example to illustrate a concept in class. This is the 2nd page of your paper.INCLUDE A GRAPH on page 3 to illustrate what's going on. Label your graph appropriately.1 point per day late (not 24 hrs ...per day)."Work-in-progress" will not be graded. Your paper is not ready to submit until it is TYPED (11-12 pt font, black ink on white paper)/DOUBLE-SPACED with 1" MARGINS on all 4 sides, your article attached. PROOFREAD!PAPERS WHICH ARE NOTPROPERLY FORMATTEDWILL BE RETURNEDUNREAD.I have also attached an example of an artcle and how it was anlyzied