Deriving GDP, Part II

In this chapter, GDP is further explored from the perspective of the United States of America. The macroeconomy is described, including the number of workers, businesses, GDP, etc. The economy is described first from the production side, including the primary, secondary, and tertiary sectors; and then from the consumption and income sides. Professor Sachs mentions further distinctions that are important for future study in the determination of the GDP of an economy, such as a distinction between the amount of production and the prices on average of the goods and services.

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