Discuss how we measure output (GDP) in the U. Define the different components of GDP and how each contributes to our measure of output. Compare and…

1.      Discuss how we measure output (GDP) in the U.S. Define the different components of GDP and how each contributes to our measure of output. Compare and contrast nominal GDP and real GDP.

2.      Utilize a sustainability lens to critically analyze GDP as a measure of economic progress. (i.e. discuss how policies that use GDP as a measure of economic progress are likely different from policies that use a more broadly defined measure that subtracts out economic “bads” and adds in social measures (like health and education statistics).

 
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