Agricultural Economics Department

 

Cornhusker Economics

Date of this Version

12-2-2020

Document Type

Article

Citation

Cornhusker Economics, December 2, 2020

https://agecon.unl.edu/cornhuskereconomics

Comments

Copyright 2020 University of Nebraska.

Abstract

Economists, unlike MDs and lawyers, are never able to sidestep professional questions. Whether it is at parties, or waiting to pick up kids from school, the “economy” is al-most as common as the weather for small talk. Fortunately, most economists are eager to opine on the current state of affairs, and almost as many are willing to guide laypeople to a truer understanding of what the “economy” actually is. This article will provide a definition of the economy, the Gross Domestic Product (GDP), and their importance. It will conclude by addressing the difference between the overall economy and the performance of specific markets.

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