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Focused on microeconomic concepts

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Question 1. So far we have focused on microeconomic concepts. How does an individual's spending and consumption fit into the Macro elements of GDP? (see slide 16 of Ch 23: Y = C+I+G+NX)?

Question 2. Give an example of a good of your choice, whose real value has increased during your lifetime as a result of inflation. What do you expect to happen to its price in the future?

Question 3. What are some other potential measures of a society's well-being, aside from GDP? Please give an example of one measure, and compare/contrast that measure in two different cities/countries/continents/etc.

 

Reference no: EM132560596

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