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Gross domestic product and economic growth

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Reference no: EM133014712

Gross Domestic Product and economic growth

i) Define Real GDP and explain how it is measured using the 'expenditure approach'

ii) GDP is considered a good measure of economic wellbeing. However, GDP is not a perfect measure of wellbeing. Why? Discuss three factors that are not included in GDP but that affect whether people are better off.

iii) Explain the meaning of the term productivity and explain two factors that can influence the level of productivity.

Reference no: EM133014712

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