QMB3200 Week 7 Discussion initial postInitial Posting: In Chapter 16 we are learning about quantitative forecasting which uses historical data and math to predict future events. Economic forecasting is defined as the “process of attempting to predict the future economic condition of the economy using a combination of important and wisely followed indicators.” (from investopedia.com). For this posting you will identify an economic forecasting index or indicator that is used in business today. There are thousands of these indicators that you can research. One example is the Gross Domestic Product (GDP) which is defined as “the total market value of all final goods and services produced within a country in a given period.” (from our textbook page 806). The GDP is calculated quarterly and there are several methods for calculating including the product approach expenditure approach and income approach. There has been controversy about the use of nominal versus real GDP. (source: http://eds.a.ebscohost.com.db24.linccweb.org/eds/detail/detail?vid=0&sid=1245e31f-9299-4ff0-9cfc-8b688077119e%40sdc-v-sessmgr03&bdata=JnNpdGU9ZWRzLWxpdmU%3d#AN=94981836&db=ers) For the index or indicator that you select answer the following questions. You must include citations for your information. You can use the SPC library online search tool (link on our course homepage). NOTE: You cannot use GDP for your index/indicator! You must find another index/indicator. Please read the other postings before you post; each student must select a different index or indicator for their posting.