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What Would Happen to Measured GDP If More People Started

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What would happen to measured GDP if more people started hiring workers to do house chores such as cooking and cleaning?


Definitions:

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by the forces of supply and demand.

Economic Profits

Profits calculated by subtracting both explicit (direct payments) and implicit (opportunity) costs from total revenues.

Market Price

The ongoing selling or buying rate for an asset or service in a certain market.

Satisfier Factors

Elements related to the nature of the job itself, such as achievement, recognition, and work itself, that lead to job satisfaction.

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