What is better for measurement, a GDP deflator or a consumer index price? What is better for measurement? Define real GDP and nominal GDP. Which is a better measure of economic well-being? Why? Explain the difference between nominal ...
Unit 1: Basic Economic Concepts The Circular Flow Model The Product Market- The “place” where goods and services produced by businesses are sold to households. The Resource (Factor) Market- The “place” where resources (land, labor, capital, and ent.) are sold to businesses....