This quantity scales with the square of employment according to Okun's law, which predicts a namesake "gap" in this quantity.
This quantity scales with the square of employment according to Okun's law, which predicts a namesake "gap" in this quantity. It can be measured either using the income approach or the expenditure approach. Transfer payments are not included in calculating this quantity, because they do not represent (*) production, and a similarly-named "national" quantity includes net foreign factor income. Its "net" variant comes from subtracting the depreciation of capital. The "per capita" type of this quantity divides it by the population of a country. For 10 points, economic growth is measured by the change in what quantity that represents the total economic output of a country's resources?
This quantity scales with the square of employment according to Okun's law, which predicts a namesake "gap" in this quantity.
Gross Domestic Product