Macroeconomic Theory



Macroeconomic Theory

Introduction

Gross domestic product is a macroeconomic measure that expresses the monetary value of the production of goods and services a country during a given period of time (usually a year). GDP is used as a measure of material well being of society and is the subject of study of macroeconomics. Its estimate falls within the national accounts. This is an aggregate of national accounts, obtained by adding the quantities measured by categories of economic agents (households, businesses, public administrations).

The paper will discuss the expenditure approach and extend arguments based on the functions of this approach.

Discussion

GDP is one way ...