Folks,
You should be able to define all of the terms from my last post. You should also have a basic understanding of how we calculate GDP and what things might change our evaluation of GDP or of economic growth. For example, what happened to inflation, how many people are in a country, or what new goods and services we now have that we didn't 5, 10, or 15 years ago. Generally, it is harder to compare GDP's the further they are apart (time-wise).
Another major topic is how we track inflation by using the CPI, consumer price index. Like GDP it has flaws and is certainly prone to flaws as we change the goods in the index (having an iphone now vs a razor 5 years ago).
For next time I want to move into the Functions of Government. Please read BE 414-426 and respond to this question in your journal: what do you think of as the most basic function of government and why is it important to economics?
You should be able to define all of the terms from my last post. You should also have a basic understanding of how we calculate GDP and what things might change our evaluation of GDP or of economic growth. For example, what happened to inflation, how many people are in a country, or what new goods and services we now have that we didn't 5, 10, or 15 years ago. Generally, it is harder to compare GDP's the further they are apart (time-wise).
Another major topic is how we track inflation by using the CPI, consumer price index. Like GDP it has flaws and is certainly prone to flaws as we change the goods in the index (having an iphone now vs a razor 5 years ago).
For next time I want to move into the Functions of Government. Please read BE 414-426 and respond to this question in your journal: what do you think of as the most basic function of government and why is it important to economics?
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