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Read an article about economics. What is it about? What did you learn? Include a three-paragraph...

Question:

Read an article about economics. What is it about? What did you learn? Include a three-paragraph summary.

Gross Domestic Product:

The Gross Domestic Product is the quantitative indicator of all goods and services manufactured at a given time.t is a relevant indicator of the country, as it helps track the quantity of output within its economy as well as acting as a proxy for living standards.

Answer and Explanation:

The article is about 'It's Time to Redefine GDP to Help Save the Planet'. New Zealand was the first country to officially reduce GDP as its principal indicator of financial performance. Prime Minister Jacinda Ardern's government said the budget does not focus on increasing GDP but rather to optimize well-being.

In addition to education, healthcare, and highways, whose funds will usually be distributed, funds will be allocated as per the effect on five policy priorities: mental health, child well-being, indigenous inequality, developing a nation adjusted to the digital age, and constructing a low-emission society. The entire world has been trapped in the belief since the Industrial Revolution that one has to flourish - either to keep up or remain forward, or simply to hold in force the systems of capitalism that rely on continual growth.

Whenever people speak regarding growth, they speak about GDP in real terms. This is how it calculated the performance of our economies since the 1930's. GDP originated in the industrial era, and it is a function of physical activity above all else. It's bad in counting more otherworldly items like services, from insurance and transport journeys to entertainment and restaurant food, where value is more quality-related than quantity.


Learn more about this topic:

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Overview of the Gross Domestic Product

from CLEP Social Sciences and History: Study Guide & Test Prep

Chapter 59 / Lesson 2
4.6K

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