Answer
1. Measuring the Health of the Economy is through studying the gross domestic product(GDP)
2. Indicators of the Economy could be the lagging economic indicators and the leading economic indicators.
Explanation
The main goals of the world’s economies are growth, high employment and price stability. Economists measure the performance of the economy through observing the measure of total output called gross domestic product (GDP). GDP is the market value of all goods and services produced by the economy in a given year. If the GDP increases, the economy is growing whereas when the GDP goes down, the economy is contracting.
The statistics which are used to report the status of the economy a few months in the past are referred to as lagging economic indicators. They include the average length of unemployment .For example if unemployed staff remains in that state for long time; we infer that the economy has been slow. Other indicators are the leading economic indicators which when they rise, the economy is likely to expand and when they fall, the economy is likely to contract.