Discussion Post: Economics
Topic: Gross Domestic Product
Prompt:
"GDP measures the market value of the goods and services a nation produces. Unpaid work that people do for themselves and their families isn't traded in the marketplace, so there are no transactions to track. Surveys asking people how they spend their time can be used to estimate household production. But the United States only began collecting these data annually in 2003, and many countries have never done a nationally representative survey. The lack of reliable data influenced the decision to leave household production out of GDP in the internationally accepted guidelines for national accounting."
In this threaded discussion, complete the following:
• Begin your discussion with a definition of Gross Domestic Product. Be sure to include a definition of GDP and a statement of the size of GDP in the most recent year for the United States.
• Locate and incorporate outside research that gives evidence and explanation of the value of home production that is not included in GDP. Some areas to research could include watching your own children compared to hiring someone, doing your own lawn care, fixing your own car, doing your own housework, etc.
• During the pandemic, many people worked from home and decreased activities in the economy. Do you believe this caused an increase in GDP or a decrease? Explain how you reached this conclusion.
• Integrate biblical insights into your discussion thread. In what way does scripture influence our decision to work, either in the marketplace or in home production?
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.