H. In the News: GDP Lightens Up
1. Over the years, products produced in the U.S. have become lighter in weight due to changes in the types of products produced and the resources used.
2. This is a Wall Street Journal article discussing comments made by Federal Reserve Chairman Alan Greenspan concerning this change.
VII. GDP and Economic Well-Being.
A. GDP measures both an economy’s total income and its total expenditure.
B. GDP per person can tell us the income and expenditure level of the average person in the economy.
C. GDP, however, may not be a very good measure of the economic well-being of an individual.