Limiations of Real GDP
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Last updated 12:53 PM on 2/9/25
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5 Terms
1
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population changes
If the real gdp increases by 3 percent and population grows by 8 then theyll have more goods o shar between more population.
2
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Income Distribution
Real GDP doesn’t measure how income is spread and if its spread equally.
3
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Types of Goods
SOL falls because spending on artery has negative externalities
4
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Underground economy
Real GDP doesn’t measure illegal activities such as underground drug trade not accurate and can’t measure SOL.
5
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Subsistence Economy
The subsistence economy is made up of people who produce goods to consume themselves rather than sell.his production is not recorded as the goods are not sold.
Note 
Flashcards (27)