Macro
When you think of Macro Econ, what do you think of
The Big Picture, the Forest not the Trees
Does GDP measure Bartered Goods
No!!!!!----
Can we measure GDP by adding up the Total Spending
Yes....By adding all the Consumer, Business, Government, and Net Exports from the Open Economy
When you think of Micro, what do you think of
Individual parts, or the parts that make up the whole...The Trees in the Forest
Does GDP measure Illegal Goods
NO.
Does GDP measure Non Market Activities
No
A signal that the Economy is Growing is
rising GDP, output-----Productivity
Does it include intermediate Goods
No....
Does GDP measure Happiness or Quality of Life
No....There are limitations
What happens when there is growth?
You live better. You make more money, and you have more opportunities to use credit, invest, save, buy a car, and avoid poverty.
Does GDP measure Financial Transactions---Stocks, Bonds, Defi Currency Sales
No....it just measures production/producing something
Does GDP measure the underground Economy
No.
Final Dollar Value of all Goods and Service within our Boarders
GDP----How much stuff was produced with it's price Tag.
Does GDP include Transfer Payments: Welfare, SSI, Unemployment Payments
Negative
Does this look like GDP= C + I + G + Xn
Yep....that's the formula to measure output/productivity in this class