Discuss the importance and limitations of the GDP concept.

Learning Goal: I’m working on a macro economics project and need an explanation and answer to help me learn.InstructionsYou have been hired as an economic consultant and your job requires you to calculate nominal GDP according to the expenditure approach and write a two-page report explaining the concepts to your client and how you made your calculations. Your report should include the following:A discussion of GDP components.
Discuss the importance and limitations of the GDP concept.
Highlight any necessary precautions related to GDP calculation.
Finally, your report should include a comparison of GDP in the current year with GDP in the previous year and discuss your interpretation about the direction of the economy.
Your calculation should be made based on the table below. Previous Year Current Year Residential Investment500550Exports7585Wages1,0001,250Durables800750Inventory50200Net Investment250300Government Spending400600Imports200250Depreciation6572Taxes125125Non-durables700725Rent400350Services9001,000Non-residential Investment400500
Requirements: 2 pages   |   .doc file

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