How Do You Measure Conditions and Outcomes?
Discover how to assess a country's economic health by measuring outcomes like GDP and evaluating underlying conditions through economic freedom indexes. Learn to interpret these metrics and understand their significance in economic development.
We'll cover the following...
We'll cover the following...
Economic health of a country
Let’s look at outcomes first. One way to access economic health is through its gross domestic product (GDP). The GDP is the total value of everything produced within a country’s borders. In theory, at least, this number is essential to understanding a country’s economy. That’s because the higher the GDP, meaning the more production that’s happening, the more access to capital, employment ...
Growth domestic product