Solved: Define the total value of economic output, Macroeconomics

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Define the total value of economic output

Question 1: How do we define the total value of economic output and how do we measure it?

Question 2. What are the major performance goals that we set for the economy, and how do we measure the performance?

Question 3. Finally, discuss (in depth) the concept of macro economic equilibrium in terms of injections and withdrawals from the circular flow of wealth and in terms of aggregate demand and aggregate supply.

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Macroeconomics: Define the total value of economic output

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