Chapter 23

I would give this chapter a 1.5 out of 3 because while the majority of the content was easy to understand, I had a bit of trouble keeping track of all the different types of ways to measure GDP. Understanding what the GDP is was relatively simple. Of course there are many caveats and little things that it's important to remember about what the GDP does and doesn't measure. For instance selling a used car doesn't contribute to a nations GDP because it has already been purchased once and produced once. Welfare would be another example of something not used in measuring a country's GDP because the welfare isn't being exchanged for a good or service, unlike paying the salary of a government employee. The big idea about GDP is that it's a relatively good way to measure a countries prosperity and quality of life most of the time.