Chapter 3 Output and Prices Indicators of a well performing economy Rising Living Standards Avoiding fluctuations in the short-run business cycle Maintaining the real value of currency no excessive inflation Sustainable levels of public and national debt Sustainable current expenditure Employment Gross Domestic Product Definition Market value of the final goods and services produced in a country during a given time period What is the significance of: Market value Final goods and services Produced within a country during a given period Methods of Measuring GDP Expenditure Method Production Approach Income Approach Is GDP the same as economic wellbeing Leisure time Non-market economic activities Environmental quality, resource depletion Quality of life Economic inequality Consumer Price Index Measures the cost in that period of a standard ...