Technology's Impact on GDP Measurement
Explain how the widespread adoption of self-service technologies, such as online banking and travel booking websites, can lead to an underestimation of a country's total economic output. In your answer, describe the specific shift in production that occurs.
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Introduction to Macroeconomics Course
Ch.3 Aggregate demand and the multiplier model - The Economy 2.0 Macroeconomics @ CORE Econ
The Economy 2.0 Macroeconomics @ CORE Econ
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A large supermarket chain replaces all its cashiers with self-checkout machines. Customers now scan and pay for their own groceries, a task previously performed by paid employees. As a result, the supermarket reduces its workforce. Assuming no other changes in the economy, how does this shift in labor most directly affect the calculation of Gross Domestic Product (GDP)?
Impact of Self-Service Technology on Economic Measurement
Technology's Impact on GDP Measurement
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The widespread adoption of online tax preparation software, which allows individuals to file their own taxes instead of hiring an accountant, leads to an increase in measured Gross Domestic Product (GDP) because it reflects a more efficient and technologically advanced service sector.