Question

Economists use changes in GDP to measure

Answer 1

Economists use the gross domestic product (GDP) to measure the output of a nation’s citizens within the boundary of one country.  

Further Explanation:

Gross domestic product:

Gross domestic product is defined as the market value of all services and goods produced by a country's businesses and residents, inside the country during a given time period. The gross domestic product does not include the investments made by the country's residents and businesses in the outside country.

The GDP can be calculated as:

Y = G + I + C + X  

Where,

GDP = Government + Investment + Consumption + X (net exports)  

The difference between the GDP (Gross Domestic Product) and GNP (Gross National Product) is that GDP takes into consideration the value of goods and services produced by a factor of production within the country during a given time period. The component of GNP includes all the component of GDP but also includes the Z factor.  

An economist can use the change in GDP to know how much increase or decrease in the output from the previous year. It is used to compare the units of output.  

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Answer details:

Grade: Middle School

Subject: Economics

Chapter: National Income

Keywords:

Gross domestic product, to measure, the output, of a nation’s citizens, within the boundary of one country,consider the value of goods and services, economist, use, measure., gross national product, goods, and services.  

Answer 2

Economists use changes in GDP to measure the state of a country's economy.  The gross domestic product, also known as GDP, is a tool that economists around the world use to measure how the economy of a specific country is doing. They use this tool, because it represents the value in american dollars, of all the services and goods that a country produced during a specific amount of time. This number gives an estimation on how big or small the country's economy is.