I need 350 word initial post and two replies of 75 words each. I will attached the replies later.
1. So far we have focused on microeconomic concepts. How does an individual’s spending and consumption fit into the Macro elements of GDP? (see slide 16 of Ch 23: Y = C+I+G+NX)?
2. Give an example of a good of your choice, whose real value has increased during your lifetime as a result of inflation. What do you expect to happen to its price in the future?
3. What are some other potential measures of a society’s well-being, aside from GDP? Please give an example of one measure, and compare/contrast that measure in two different cities/countries/continents/etc.