Write a 300 minimum word research essay and at least 1 hyper link for the research for a discussion, please read the following first and then answer the question:
Students: As we have studied this week in our readings, GDP is an important measure of the health of a countries economy. The total expenditure formula is made up of four components: C + I + G + Net Imports/Exports. By far, the largest, and therefore most important piece of that formula is the C- consumer spending. Many indicators are used to determine recovery from economic troughs, including unemployment numbers, new housing/business starts, inventory numbers, government spending and purchases and what is happening in the import/export sector, but ultimately, what consumers' are doing is far more important. Watch the following YouTube clip on measuring GDP: https://youtu.be/QUaJMNtW6GA
Do you think we measure 'production' correctly? Are there things left out of the computation of GDP that are important components that we do not measure? How important are the 'resources' (such as the money we make) to not only GDP but also our 'happiness'? Does 'happiness'/confidence affect GDP? Can we accurately measure 'happiness'? How does your life expectancy affect your spending (if it does)? The National Bureau on Economic Research has a white paper in pdf format on this topic if you need additional background information (https://www.nber.org/papers/w12269). Do some research on the measurement of GDP, happiness, life expectancy and the impact these factors many have on consumer spending (or lack of consumer spending) and the overall impact on GDP. Do you think we measure GDP correctly after completing your research? Remember, do not directly answer these questions, rather use them as prompts to stimulate your thinking and research in regard to GDP and it's importance in determining the health of a countries economy. Do not forget to cite your research sources.