...In order to know the limitations of Americas National income accounts and how they represent our standard of living, it is necessary to kn0ow our GNP or Gross National Product. According to Chron.com, a business expert web site, it is the total output of and economy, our economy in this case. It is said that the production output of America is directly related to how well we are living, our economy is doing, and also how well we are prepared for any sudden disruptions in the course our economy would take. With the GNP defined, one of the limitations that represents Americas standard of living would be services that are not considered in the GNP. These can still have an effect though but are not considered for various reasons including the government not gaining taxes from it or illegal activity. Any of these are understandable to not consider due to the fact that they are not something America can rely on as solid figures compared to an employer’s payout wages. This however is not something to totally ignore. These services are called Ommition or Underestimation (Chris Chan). The drug trade is a large black market, although there are no solid figures that economists have been able to gain due to the nature of product, it is widely known that much activity is involved in the trade which means large figures in the millions per year for how much dealers can make and buyers will spend. As a side note I have personally witnessed citizens ...
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