The Concepts and Measurements of Gdp

Topics: Monetary policy, Economics, Keynesian economics Pages: 3 (664 words) Published: February 6, 2012
Valerie J. Rountree


Author Note

Valerie J. Rountree,
Masters of Business Administration,
Department of Information Technology Management,
West Virginia College

This research was performed by Valerie J. Rountree to support BUSN602 B001 SUM 11 – Assignment #5 – Managerial Analysis – Please assess the concepts and measurements of GDP, the business cycle, unemployment, inflation, and interest rates. Provide at least three specific examples. APA formatting required

Correspondence concerning this article should be addressed to Attn: Valerie J. Rountree, American Public University System | 111 W. Congress Street, Charles Town, WV 25414 | Toll Free: 1-877-755-2787. E-mail: Abstract

The intent of this document aims to show that macroeconomics is the study of the interrelationships of aggregate economic variables. The most important of these, without question, is a country’s gross domestic product (GDP). GDP measures the total value of all goods and services produced by a country during a year. As such, it is a measure of the extent of economic activity in a country or the economic size of a country; and the consumption of goods and services is one way to measure an individual’s economic well-being. National income accounting uses statistical measures of income, spending and output to help people understand what is happening to a country’s economy. The economic decisions of millions of individual determine the fate of the nation’s economy. It will also help you understand the importance of the nation’s economy and it will help strengthen us to make better economic decisions.

Gross Domestic Product is used to measure business cycles. Gross Domestic Product is a monetary measure of all services and goods sold within a country annually. It measures the quantity of things a society produces. Fluctuation in growth of Gross Domestic Product is reflected by business cycle. Unemployment, inflation,...

References: Reference for Business. (2007). Business Cycle. Retrieved. Http://
Joint Economic Committee. (2010). Government Spending. Retrieved.
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