Homework Answers
The three primary measures of economic performance are
- GDP growth: GDP measures the value of goods and services produced within a country’s border in a given year. If GDP shows a positive growth, it means that the economy is growing. If GDP growth shows a decline then it could mean that the economy is in recession.
- Unemployment: If the unemployment rate is low, it means that jobs are available and the economy is growing. Full employment, where all labor resources are being used efficiently, is the objective of an economy.
3. Inflation: Inflation is the rise in price-levels. Price stability is one of the objectives of economic growth. A inflation would lead to lower savings and investment.
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