English Typing
Paragraph
In
his
iconic
work
The
Wealth
of
Nations,
Adam
Smith
summarized
the
balance
between
the
consumer
and
the
producer
as
a
core
of
a
strong,
healthy
economy.
"Consumption
is
the
sole
end
and
purpose
of
all
production,"
he
said,
"and
the
interest
of
the
producer
ought
to
be
attended
to,
only
so
far
as
it
may
be
necessary
for
promoting
that
of
the
consumer"
(Adam
Smith
Institute,
2003).
Indeed,
production
is
central
to
the
health
of
a
nation's
economic
landscape.
Then
again,
as
Smith
correctly
points
out,
production
must
occur
within
the
framework
of
the
overall
economy—that
is,
it
must
attend
to
the
demand
of
the
consumer,
lest
an
imbalance
occur.
It
is
for
this
reason
that
the
main
indicators
of
a
nation's
economic
condition
focus
on
the
balance
between
production
and
consumer
demand.
At
the
same
time,
production
is
linked
to
the
needs
of
the
consumer,
as
well
as
a
host
of
other
important
factors.
In
an
ever-evolving
international
economic
environment,
it
is
invaluable
to
determine
both
whether
a
national
economy
is
healthy
and
how
it
compares
to
others
within
the
international
community.
This
paper
will
take
an
in-depth
look
at
two
major
indicators
of
the
health
of
a
given
economy.
On
the
production
side,
this
essay
will
review
the
concept
of
a
country's
gross
national
product.
It
will
also
briefly
outline
some
other
models
employed
to
gauge
economic
health,
such
as
gross
domestic
product.
By
analyzing
the
nature
of
these
economic
indicators,
the
reader
will
glean
a
better
understanding
of
the
balance
between
productivity,
consumer
confidence
and
the
changing
global
economy
in
the
postindustrial
era.
Put
simply,
gross
national
product
(GNP)
is
a
measure
of
the
total
economic
output
of
a
national
economy.
It
is
derived
from
that
sum
of
the
value
of
the
final
goods
and
services
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