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Economic Measurements

Economic Measurements

The key measure of the economy that most economists point to is GDP or Gross Domestic Product. This does not refer to the kids TV shows we produce in prime-time America; rather, it is the sum total of all goods and services that are produced in this country. You earn money here; it's part of GDP. You spend money on that new GM car; ditto.

The guy who cuts your lawn; he is part of GDP. Your wife's hairdresser; she, too is a piece of GDP. The only that GDP doesn't cover is goods and services...

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