What would be the best measure of growth in the economy?

After our last conversation I came up with some additional questions that I beli Show more Dear Colleagues After our last conversation I came up with some additional questions that I believe if I can answer when talking to my boss will increase my chances of landing a raise this year. It seems to me that if the economy grows then my salary should grow as well. Given that this will be the premise of my argument I need to have the following questions answered: a) What would be the best measure of growth in the economy? I have heard the terms GDP Personal income Disposable income and others that relate to the U.S. economy. Could you please sort out this terminology for me and make a recommendation for which of these measures economic performance I should use in my contract negotiations? If you could provide some definitions for these measures it would make me feel more confident. b) How fast has the economy grown over the last year the last decade before the current recession and since the 1978 when I entered the job market? If you could provide this information as a percentage growth rate I would greatly appreciate your efforts. Also please show me your calculation in case I want to reproduce it for my boss. I am not so swift at the whole math thing. c) Lastly I was listening to a news broadcast the other evening and reported was discussing gross national income. This is confusing to me because I thought the measure of income and output were measure by GDP; at least that is what I remember from a friend of mine who took econ in college. Please give me a brief explanation of GDP and how it relates to gross national income. If you could provide a picture or diagram to help me understand I would greatly appreciate the effort. My boss gets crafty occasionally and I would like to understand these concepts if he starts taking about gross national income. Just in case. In addition is this a good time to crank on my boss for the raise? In the book Principles of Economics Tenth Edition Chapters 20-22 Show less

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