Have you ever wondered how the health of the economy is determined without a thermometer? In this activity, you will select a country and explore the concepts of nominal and real GDP to measure the economic health of your country. As part of your research, you will also explore these key economic factors.
Key Economic Factors
Gross domestic product (GDP)
Unemployment
Poverty rates
Housing Starts
Key Economic Factors
GDP per capita
Inflation
Human development index
Standard & Poor’s 500
Key Economic Factors
Population
Interest rates
Retail sales
Locate a recent article (published within the last year) that includes values for the key economic factors. You can use the Hunt Library, newspapers, new stations, or other credible sources to locate an article. Analyze your selected country’s economic well-being. Include the following in your discussion.
Discuss how nominal and real GDP for your selected country are affected if there is a decrease in taxes and an increase in interest rates.
Identify and discuss at least six economic indicators for your selected country.
State the relationship between GDP, net domestic product (NDP), national income (NI), personal income (PI), and disposable income (DI).