The Rate Of Gross Domestic Product And Unemployment

â€Å"The relationship between rate of Gross Domestic Product and Unemployment Of an economy† The economic power of an economy is what truly enables it to be a global ruler; furthermore a strong economy means the people are employed, successful and thriving. The best way to measure the economy’s current health is to just take a look at their Gross domestic production and unemployment rate. A strong economy stands for global dominance and influence, resulting in high standards of living, decreased unemployment, and prevention from recessions, depressions and also lower the risk of inflation but is there a link between the gross domestic product and unemployment that plays a role in all this? And how does this effect the well being of an economy, also why was the Canadian recession of 2008 a proof of this direct but opposite link of GDP and unemployment. Now to connect the dots, it’s easy to put out all these terms but not actually understand how they are related well the growth of GDP means there is more demand of products and if there is demand, companies need workers to make those products, hence there is lesser unemployment and the economy is growing and production rate is also increasing. If the rate growth is constantly decreasing with lesser demand and there is constant lower economic activity then the economy goes into recession. To further elaborate these concepts, Gross domestic product stands for the total economic activity of a nation, it means the monetary value ofShow MoreRelatedReal Gross Domestic Product Is An Inflation Adjusted Measure1015 Words   |  5 PagesReal Gross Domestic Product is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. 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