What are the three approaches to measuring GDP?

Would an economist consider clean air a scarce resource? Explain.

Richard runs a pizza delivery restaurant. List the three basic types of decisions economics studies and give an example from Richard's restaurant.

Explain three ways we can use macroeconomic analysis. (9 marks) 5. Suppose that you lend P1,000 to a friend who pays you back P1,100 the next year.

Suppose that prices that year rose by eight percent and the real rate of return in the stock market was four percent. Your friend says that he or she was being more than fair by giving you more than the rate of inflation as a return. What do you think?