Answer the following questions using sound economic analysis and thoughtful reflection on the concepts of the session. You must respond to these questions in an essay, formatted according to APA standards, and include at least two sources outside of your textbooks to support your responses. Your paper should be 3-4 pages. Discuss each of the components of GDP according to the Expenditures approach. What categories of “goods and services” are NOT included in the calculation of GDP? How does the concept of inflation relate to the growth of GDP? How does the concept of unemployment relate to the growth of GDP? How does the measurement of GDP, and its annual growth rate, reflect the economic welfare of our society? How would you change what is in included or not included in the measurement of GDP to better measure the economic welfare of the people in a society? How do your recommendations (in #6) reflect a Christian worldview?
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