Examlex
Describe three different uses of GDP,or give three different reasons to explain why it might be useful to calculate GDP.
Equilibrium Quantity
The quantity of a good or service at which demand meets supply.
Supply Decreases
A situation in which the quantity of a product or service offered in the market declines due to various factors like increased production costs or reduced number of suppliers.
Invisible Hand Concept
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, guiding individuals to contribute to economic activities that benefit society.
Economic Welfare
The overall well-being and standard of living of individuals within an economy, often evaluated through measures like wealth, health, and happiness.
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