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Unformatted text preview: Eco212 1 Economic Health Memo Economic Health Memo Amanda Stockwell ECO/212 Eco212 2 Gross domestic product (GDP) In general has to be understood in order for us to understand the health of the economy. A business cycle describes changes in the demand-side of the economy as measured by GDP. The roles of our government bodies that determine national fiscal policies are very important in determining the measure of the business cycles. All these roles and policies are important in understanding national fiscal polices, and how the changes that the government dose impact our economy positively or negatively. The GDP is a macroeconomic measure of the size of an economy adjusted for price changes and inflation, it is the most closely watched economic statistic because it is thought to be the best single measure of a societys economic well-being (Mankiw, 2007, p.508). To evaluate our economys progress, GDP looks at the income that individuals make in our economy and how much they spent from that income, It also mergers the output of goods and...
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