[SOLVED] Gross Domestic Product

I’m trying to study for my Economics course and I need some help to understand this question.

Struggling to find relevant content? Order a custom essay on
[SOLVED] Gross Domestic Product
Let our experts save you the hassle
Order Now

1.Respond to the following in a minimum of 175 words:

Discuss the limitations of GDP as a measurement tool.

2. Respond to the following classmate:

Carson
Coffman

There are many limitations of the Gross Domestic Products (GDP) in regards to measuring a countries goods and services that are produced within a years time. GDP does not measure the Gini index or the inequality index which is how wealth is distributed in the economy. It is not the best way to measure the growth of a country because you are not able to measure the black market. GDP is only an imperfect measure of the quality of life and happiness of people. Many non-economic factors also influence the quality of life and happiness. This is the reason Bhutan has moved to calculative happiness index rather than GDP. GDP also does not calculate the environments pollution and the quality of living which can be a measure of welfare. Illegal activities contribute to a big piece of a country’s income such as selling drugs and does not take account for the income. I think there are limitations with this tool to measure the health of a country’s economy but I realize how important it is to have a tool to rank the economies of nations by their GDP number.

3. Respond to the following classmates:

Shana
Galarza

Gross Domestic Product helps indicate performances in the nation. One thing that it does is helps makes sense of how much a nation has to buy over time. It also helps determine a nations standard of living. Although Gross Domestic Product works to perform such task, GDP also had limitations. While using Gross Domestic product you cannot measure every good or every sale. One must be sure to pay attention to the durable good, non durable good, non market activities, price levels, depreciation and etc. One cannot measure GDP if it happened for self consumption. Negative externality is also a limit of GDP, which occurs when a cost is taken in by a third party because of an economic transaction. Household production also is a limitation in Gross Domestic Product, some including providing childcare, preparing meals and completing laundry. Underground Production is also a limitation. All underground production is hidden from the government, which individual do to avoid paying taxes. Health and life expectancy is also a limitation in measuring the standards of living of a nation.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
Sign up, place your order, and leave the rest to our professional paper writers in less than 2 minutes.
step 1
Upload assignment instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
s
Get personalized services with GPA Fix
One writer for all your papers
You can select one writer for all your papers. This option enhances the consistency in the quality of your assignments. Select your preferred writer from the list of writers who have handledf your previous assignments
Same paper from different writers
Are you ordering the same assignment for a friend? You can get the same paper from different writers. The goal is to produce 100% unique and original papers
Copy of sources used
Our homework writers will provide you with copies of sources used on your request. Just add the option when plaing your order
What our partners say about us
We appreciate every review and are always looking for ways to grow. See what other students think about our do my paper service.
Nursing
Everything was done thoroughly and with care. Awesome job!!!
Customer 452453, April 10th, 2021
Human Resources Management (HRM)
Thanks for your assistance and promptness.
Customer 452701, November 1st, 2022
Criminal Justice
Impressive! Will be using the service again.
Customer 452485, December 5th, 2021
Nursing
This is great! Thank you
Customer 452679, December 16th, 2021
Nursing
Not all sources were " American sources" as directed
Customer 452615, September 16th, 2021
Nursing
Thank you for helping with my assignment.
Customer 452707, July 8th, 2022
Education
Thank you so much for your help so I do not go insane from trying to do this. I have 2 more courses to do. Probably will be using you again.
Customer 452675, November 28th, 2021
Application Letters
Well written essay, will definitely use this service in the future.
Customer 452773, April 14th, 2022
Nursing
Everything was done perfectly. Thank you.
Customer 452707, June 15th, 2022
Social Work and Human Services
Thank You! Great Work!
Customer 452587, September 14th, 2021
Social Work and Human Services
Great Work!
Customer 452587, August 31st, 2021
Nursing
Perfectly done!
Customer 452707, July 18th, 2022
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
error: Content is protected !!

Save More. Score Better. Use coupon code SPECIAL for a 15%discount