Problem
• Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms). What are the shortcomings of using GDP as a measure of economic welfare? What would you like to add to (or subtract from) GDP to make it a better reflection of how well people are doing in a nation? Don't limit yourself to ideas from the module.
• How has the U.S. economy been doing in recent years? Why do you think that is? Gather relevant economic statistics, such as the growth rate of real GDP, the unemployment rate, and the inflation rate, to support your case. (Hint: use the information we've covered and you've researched in the course about GDP, business cycles, unemployment, and inflation, and research the updates (from official sources such as bea gov, federalreserve.gov and bls.gov )to obtain the data to build your argument.
o Did any of the data from the project surprise you? Which data? Why? Does this data indicate a growing, stagnant or declining economy? What does this data tell you about the health of our economy? Why?
o Find a current news or journal article that describes our current economy and that supports your opinion. Summarize the article and indicate how it supports your opinion. Use sound economic reasoning.