1. In your own words, what does gross domestic product (GDP) measure? 2. Give an example of higher GDP associated with better quality of life (i.e., anything we might care about that's not directly related to money). Explain why you think this relationship exists. 3. Give an example of an aspect of quality of life that is not necessarily associated with higher GDP. Explain why you think these things aren't related. (Note: if you can't think of anything for this one, write about another, different example for part 2) 4. List and describe at least two factors that increase a country's long-run GDP growth.
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Gross domestic product (GDP) measures the total value of all goods and services produced within a country's borders in a specific time period, usually a year. It is used as an indicator of the economic health and size of a country's economy. Show more…
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