Question: Define GDP - that is national output. (a) Now explain each of the key elements that you have included in your definition; (b) explain why

Define GDP - that is national output. (a) Now

Define GDP - that is national output. (a) Now explain each of the key elements that you have included in your definition; (b) explain why GDP provides a measurable, but deficient, way of describing the economy - in particular, what important societal features does GDP fail to measure

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