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Subject: Principles of Ecoomics ( This is a discussion post assignment. Please use your own words. Cite any sources and NO PLAGIARISM) Please provide a good detailed University response.GDP (Gross Domestic Product) is the sum of all income earned in a country during a year. Alternatively, it can be thought of as the value of all production in an economy during a year. But do income and production measure happiness? The way we measure GDP can both overstate and understate people’s happiness and well-being. It understates economic activity and well-being when it doesn’t take into account production that is not exchanged in a market (grandma providing free baby-sitting) and leisure time. It overstates well-being when two otherwise identical activities are measured the same even though one produces more pollution.Start your discussion by responding to these questions:Should we continue to measure GDP as we do now? After all, the current way of measurement has been used over time, so we can make historical comparisons.Are there problems with GDP that should be fixed? If you don’t think GDP should be changed, explain your reasoning. If you think it should be changed, what changes would you recommend, and why?Respond to classmates’ posts and explain whether you agree or disagree with that classmate’s position.Good morning, professor Smith and classmates! In this week’s discussion, I understand that the GDP has been around for decades and always has been measured the same way. It is not a measure of a person’s well-being but it measures how well an economy and society is doing, whether bad or good. Perhaps it could be twerked a bit as it is not able to record the transactions of those in the black market (illegal drugs, weapons and prostitution). There’s also non-market production that does not give an official record of production either. The thing is, how can it be changed? I’m still trying to figure that one out! They’ve already lowered personal income tax brackets to increase economic growth as well as the stimulus packages that were designed to create jobs that were impacted by different crisises and it was a way to put money back in consumers pockets to generate more spending; which in turn allows businesses to improve technology, grow and expand. Have a great week, everyone!C.R.
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