Unit 3.1(1): Measuring the level of economic activity

IB Economics: Unit 3.1(1): Measuring the level of economic activity

Economic activity is where scarce resources are allocated to produce goods and services to satisfy human wants. Macroeconomics is the study of the economic activity from a whole economy perspective. This unit examines how economists measure the level of economic activity in a country and how this can be used to make judgements about a nation’s economy. The section focuses particularly on gross domestic product and...


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