Identify and describe each of the four components of the Gross Domestic Product. 1) 2) 3) 4) Economists believe the ideal GDP growth rate is 2%-3% and is a measure of a country's economic health. During the Great Recession of 2008, we had several quarters of economic contraction, and we saw this again in 2020 because of the COVID pandemic. Think about how you, members of your family, or friends may have been affected by these economic downturns. What is a decline in the GDP referred to, and how might this directly affect us as both workers and consumers? Explain why we don't want an extremely high GDP growth rate and discuss how this might affect us as consumers