State the GDP equation (Y=Consumption+Investment+Government Purchases+Net Exports) and give a description of each of these terms. Discuss the shortcomings of GDP as a measure of total production and a measure of well-being. A comparison of real GDP versus nominal GDP is a necessary component of the paper. For the comparison, state the advantages and disadvantages of both, and explain why real GDP is more reliable than nominal GDP. Describe how GDP is important to economic growth.Explain the relationship between potential GDP and actual GDP, and explain why it is bad when actual GDP falls below potential GDP (Ex. 2008 Recession). Write about the history of GDP and how it increased significantly during the Industrial Revolution. Write briefly about the history of GDP in the United States and in other countries. Explain how the government and the Federal Reserve affect GDP and economic growth with fiscal and monetary policy. You can add any other factors about GDP that I did not include in my explanation.
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