What Your Opinion On The Answers To Questions 1, 2 And 3, Do you agree? Why Or W

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What Your Opinion On The Answers To Questions 1, 2 And 3, Do you agree? Why Or Why Not? What Your Opinion On The Answers To Questions 1, 2 And 3, Do you agree? Why Or Why Not? 1. What are some production items that the typical measure of GDP might miss? Why? The GDP does not include both production in the home, and production in the underground economy. Household production are goods and services people provide and underground production has to do with goods and services that are illegal. Also, the GDP does not measure exactly right. The value of leisure is not including in the GDP, nor is it adjusted for pollution or other bad effects of production. GDP also misses changes in crime or social problems. Seeing that GDP is primarily a source of discovering how the economy is doing financially, it fails at time to provide good information about goods and services consumes by an average person. o, what should we do about it? 2. Should these missed items concern us, and. if s I think these items should concern us even if only a little. The problem is when GDP doesn't account for some of these seemingly small thing, it makes the economy in certain places look better than what it is. For example, if two economies have the same GDP per capita one may say living in both places is at least somewhat similar, but GDP doesn't account for leisure time. So, if the average work day in one place is 8hrs and the other with identical GDP is 12 hrs, that would make a big difference to a regular person when deciding which is better. Now just to further prove my point. What if two countries have the same GDP although in the eyes of our international measure of economy they may seem the same one has a centrally- planned economy as opposed to the other have a market economy were the centrally-planned economy allocate most of the goods to themselves and leave households with what's left. One government is clearly better when explaining it this way however if someone is only looking at the GDP of both nations, it seems as if there is little to no difference. nario: You have a garden in your backyard/window flower box. Provide examples of when the items you grow should or should not be counted in the GDP calculation? Is it possible to have a situation where both occur (count and not be counted)? Well if you grow goods in your backyard, or flowers in your flower box and sell those goods to consumer you are contributing to the economy, Meaning that those items are counted in the GDP. Also, if you were to grow the same items but use them for yourself and your family you would be left out of the GDP calculations. Even in a situation were your give them away there is no profit or capital involved. There isn't situation were both can occur at the same time, its either added or it's not.

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