- Two basic approaches to measuring GDP is expenditure and income. They differ because expenditures involves net export. Income involves the business economy. The amounts of the two approaches are unequal because of one being based off of the entire country economic structure. The other one is based off of the business economic structure.
- Three major goals of macroeconomics are economic efficiency, price-level stability, and balance of trade. Price-level stability is important to me because if prices rise or fall that means there will be a change in the workforce.
- GDP is an inappropriate measure of well being because it doesn’t give you exact numbers for individuals.