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Part 1: Definition and Calculation of GDP:
Define GDP (Gross Domestic Product) and explain its significance as a macroeconomic indicator.
Research and identify the components of GDP, including consumption, investment, government spending, and net exports.
Discuss the limitations of GDP as a measure of economic well-being and suggest alternative measures that could complement GDP in assessing economic performance.
Part 2: Understanding the Consumer Price Index (CPI) and Inflation:
Define the Consumer Price Index (CPI) and explain its role in measuring inflation.
Research and describe the methodology used to calculate the CPI, including the basket of goods and the base year.
Discuss the limitations of the CPI as a measure of inflation and propose alternative measures that could provide a more accurate assessment of price changes.
Part 3: Measurement and Types of Unemployment:
Identify and define the different types of unemployment, including frictional, structural, and cyclical unemployment.
Discuss the causes and consequences of each type of unemployment, including their impact on individuals and the economy as a whole.
Analyze recent labor market data or trends to assess the current state of unemployment in your country or region.
Propose policy recommendations to address the various types of unemployment and promote full employment.
Part 4: A Brief Additional Example
We learned that GDP, CPI, and the unemployment rate are used as economic indicators. Find and discuss recent trends in GDP growth, inflation rates, and unemployment levels. What factors do you think have contributed to these trends? How do these macroeconomic indicators reflect the overall health of the economy? Be sure to cite your sources; opinions should be based on facts and research.
Instructions:
The weekly assignments are 1–2 page research essays that allow for further exploration of weekly topics; you will need to include at least one credible, outside source.
Attached you will also find previous assignments, as they can all be used in final research paper. Please use any info from them that you see fit.
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