READ CAREFULLY. 200 to 300 words only. Gross Domestic Product is a measure of an economys output of final goods and services over a given time period. Real Gross Domestic Product is another measure of an economys output of final goods and services with the effects of inflation and deflation removed from it. Given this, Real GDP is economists preferred measure of output and it is used in measuring the business cycle which is defined as the short-term fluctuations of output around outputs long-term trend. Explain in 200 to 300 words why measuring an economys short-term changes in output and knowing these changes and their long-term trend is important in your personal and working lives?

READ CAREFULLY. 200 to 300 words only due in 12 hours. Gross Domestic Product is a measure of an economys output of final goods and services over a given time period. Real Gross Domestic Product is another measure of an economys output of final goods and services with the effects of inflation and deflation removed from it. Given this, Real GDP is economists preferred measure of output and it is used in measuring the business cycle which is defined as the short-term fluctuations of output around outputs long-term trend. Explain in 200 to 300 words why measuring an economys short-term changes in output and knowing these changes and their long-term trend is important in your personal and working lives?