macro1

Choose one of the discussion questions below to focus on for your discussion contribution.

Once you have completed your initial post (2-3 paragraphs), read and respond to the posts of at least 2 of your peers.

Your initial post and your peer responses should be substantial and original.  Clearly cite any outside sources incorporated in to your original thoughts using MLA.  For questions, reference the MLA guidelines.

Discussion questions:

We know it is important to convert nominal GDP to real GDP in order to be able to compare amounts of production for an economy across time (for example, production in 1980 vs. production in 2019). Describe a specific example with goods/services to explain why this adjustment is important in accurately depicting amounts of production.

Individual business cycles are difficult to predict, specifically regarding when they occur and how long they last. Are there economic indicators that can help predict when a contraction or an expansion is coming? Can we ever be 100% sure that our prediction will be correct?

GDP per capita is commonly used to compare well-being across countries, however it has its limitations. What is the potential impact of using GDP per capita as the only measure to compare well-being for people across different countries?