Post a response to classmates discussion post below. Must be at least 100 words!
The definition of Gross Domestic Product (GDP) is as follows: “GDP is the market value of all final goods and services produced within a nation during a specific period of timetypically a year. GDP is the primary measure of a nations output.” (principles of macroeconomics) “Current-dollar GDP decreased 2.3 percent, or $500.6 billion, in 2020 to a level of $20.93 trillion, compared within an increase of 4.0 percent, or $821.3 billion, in 2019” (bea.gov/news/2021). When considering GDP, there are many other variables that are not included when computing GDP.
“Three methods of imputing a value to the time used in household production have been used, all taking a wage per hour from the market economy. The first is the ‘opportunity cost’ wage that a person could be paid for doing an extra hour of household work is the forgone opportunity to earn in the market. The second method uses the wages of specialists paid workers who come to the household. E.g., a cleaner, a cook, a nanny, a gardener, to value the same tasks performed by household members. A “general replacement cost” method of valuation uses the wage rate for a generalist’s worker or housekeeper. This is regarded as more appropriate since the working conditions and range of activities are similar to those of household members.”
During the pandemic, people working more from home it made the GDP rise and fall. A lot of businesses failed or took a great loss because they couldn’t have the customers like they previously had. However, online businesses got a boom. There have been so many different advantages to the online businesses since the pandemic. I feel like it’s a good thing and a bad thing. For the small businesses it really hurt them and put so many of under. I take advantage of a lot of it but I also feel that it has made people very lazy. Personally, when it comes to clothes shopping, shoes, stuff like that I think it is better to be able to go inside and try things on.
“But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever” (1 Timothy 5:8 ESV).