Describe the components of economic perspective. Explain how domestic output and national income are measured. Explain how GDP is adjusted to account…

Describe the components of economic perspective.

Explain how domestic output and national income are measured.

Explain how GDP is adjusted to account for price changes.

Describe how domestic output and national income are measured.

Describe what a price index is and how it is used.

Discuss how well GDP measures the well-being of society.