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GDP is used by economists to measure a nation's total production, so clearly they don't want the calculation of GDP to miss any significant amounts
GDP is used by economists to measure a nation's total production, so clearly they don't want the calculation of GDP to miss any significant amounts of production that take place.
- What are some production items that the typical measure of GDP might miss? Why?
- Should these missed items concern us, and, if so, what should we do about it?
- Scenario: You have a garden in your backyard/window flower box. Provide examples of when the items you grow should or should not be counted in the GDP calculation? Is it possible to have a situation where both occur (count and not be counted)?
I need 2 and 3 questions, please
Thank you
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