Economic Measurement

Economic measurement involves using specific data and indicators to assess a country's economic performance and overall health. Key measures include Gross Domestic Product (GDP), which totals the value of all goods and services produced; unemployment rates, indicating how many people are jobless but seeking work; inflation rates, showing how prices change over time; and income levels. These metrics help policymakers, businesses, and individuals understand economic trends, make informed decisions, and develop strategies for growth and stability. Essentially, economic measurement provides a systematic way to evaluate a country’s economic activity and progress.