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Unformatted text preview: i. The value of all final goods and services produced within a country’s borders Comments: -GDP is used now by most developed economic, not GDP, to measure a country’s output -the rise of the multinational corporation -GNP is often preferred by developing countries -GNP>GDP-more factors overseas than foreign factors in your country -in the past, feminists have argued that GDP/GNP does not appropriately account for work done in the home -environmental friendly shopping-used goods has an impact on GDP/GNP Measuring Unemployment -employment is the number of people working in the economy -unemployment is the number of people currently looking for a job but aren’t currently employed -labor force=employment+ unemployment -unemployment rate=(unemployment/labor force) *100 Comments: =disgruntled workers are neither unemployed nor part of the labor force -underemployed workers are considered employed...
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This note was uploaded on 03/11/2011 for the course ECON 012 taught by Professor Joutz during the Spring '08 term at GWU.
- Spring '08