When determining whether a nation's economy is doing well or not, economists takes into account the total income that everyone in the economy is earning and this is stated as the Gross Domestic Product (GDP).

a)

Explain the term Gross Domestic Product (GDP). (2 marks

b)

Explain the four components of Gross Domestic Product (GDP) and state examples of each. (4 marks)

c)

Why is the measurement of Gross Domestic Product (GDP) important for an economy? (2 marks)

d)

Discuss if there is a correlation between a countries GDP and standard of living and quality of life. Include Australia as part of your comparison and discussion. (2 marks)

When determining whether a nation's economy is doing well or not, economists takes into account the total income that everyone in the economy is earning and this is stated as the Gross Domestic Product (GDP). You are required to: a) Explain the term Gross Domestic Product (GDP). (2 marks) [Answer here] b) Explain the four components of Gross Domestic Product (GDP) and state examples of each. (4 marks) [Answer here] c) Why is the measurement of Gross Domestic Product (GDP) important for an economy? (2 marks) [Answer here] d) Discuss if there is a correlation between a countries GDP and standard of living and quality of life. Include Australia as part of your comparison and discussion. (2 marks) [Answer here]