GDP: What it means, and Why we bother with it

A Couple Rules about GDP:

• Decreases in GDP results in a decrease in employment, and lower rates of inflation
• Increases in GDP results in a increases in employment, and higher prices

Fiscal Policies:
Employ changes to the level of government spending and taxation with the goal of influencing economic conditions.

Discretionary Fiscal Policies:
A tool to improve economic conditions by changing the level of government spending and taxation.

Monetary Policies:
An economic stabilization tool that operates through changes in the money supply.

Human Resource Policies:
A stabilization policy aimed at lessening the amount of structural unemployment in the economy. 

A note on Public Debt (Government Debt):
"As the size of the debt increases, there is more concern over the negative aspects of such a debt. Some of these aspects are increased inflation, higher interest rates, the burden that is passed to future generations, possible income redistribution, and consequences of externally held debt."