explain GDP and welfare along with the glaring gaps
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A large positive GDP gap may be a sign that the economy is overheated and heading towards a correction. The larger the positive GDP gap, the more likely it is that an economy is at risk of a period of high inflation at the very least.
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GDP stands for "Gross Domestic Product" and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). Purpose. GDP is the most commonly used measure of economic activity.
the health, happiness, and fortunes of a person or group.
If there is something missing from a situation that prevents it being complete or satisfactory, you can say that there is a gap.
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