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There are a number of measures of aggregate economic activity, such as GDP, GNP, national income, personal income, and disposable personal income. Each of these measures can be a good indicator depending on the issue under consideration. For each of the following issues,
give your reasons for selecting one of the measures just mentioned as the best indicator to use in studying the issue:
a. the proportion of income households save;
b. the relative share of earnings going to labor versus capital;
c. the total output of new final goods and services.
Isolated Individual Self
The concept of a self that is distinct and separate from others, emphasizing personal identity and autonomy.
Freedom from Other People
The condition or state of being free or independent from the influence, control, or determination of others.
Rational Freedom
The capacity to make decisions based on reason rather than compulsion, allowing individuals to act in accordance with their own rational interests.
Carefully Planned
Something that has been thought through with great attention to detail and organized in advance.
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