Learning Journal Unit 1

The Learning Journal is a tool for self-reflection on the learning process. In addition to completing directed tasks, you should use the journal to document your activities, record problems you may have encountered, and draft answers for discussion forums and assignments. The learning journal should be updated regularly (weekly), as your instructor will assess the learning journal as part of your final grade.

Learning Journal Activity: Part 1 201 5 2020 2021 Product Quantity Price Quantity Price Quantity Price MP3s 40 $250.00 45 $200.00 50 $150.00 Tacos 2,000 2.00 2,200 2.25 2,300 2.40 Coats 300 50.00 310 52.00 350 55.00 Real GDP is an important, although imperfect, indicator of the economic health of a nation. Consider the data above for a simple economy: Using 2015 as the base year, calculate nominal GDP and the real GDP, for 2020 and 2021. Show your work. Part 2 Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure the wellbeing of a nation and its citizens' welfare. 0 Discuss what GDP is and what it measures. Discuss 4 shortcomings (limitations) of GDP as a measure of wellbeing and welfare