GDP is important in macroeconomics as it measures the total final goods and services produced in a country. Real GDP is more accurate as it accounts for inflation. GDP can indicate economic booms and recessions, and is used by investors to assess the state of an economy. The role of gross domestic product (GDP) in […]
GDP is an imperfect indicator of economic growth as it only measures goods and services sold in markets, ignores the underground economy, and does not take social welfare into account. It is used to predict a country’s ability to produce and consume goods and services, but it only measures materialistic success and does not truly […]
