Problem
1. What is the fundamental identity of national income accounting? What is its significance?
2. How is GDP defined in the production approach to measuring economic activity? Explain how economists at the U.S. Department of Commerce's Bureau of Economic Analysis account for the production of goods and services that are not sold in markets, the production of intermediate goods and services, and the purchase of used goods and imported goods and services.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.