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This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of...

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Economics

This week’s discussion topic is about Gross Domestic Product(GDP), Per Capita GDP and Quality of Life. GDP is the market valueof all final goods and services produced in an economy in a year.Per Capita GDP is GDP/Population and shows how much of total GDP istheoretically available to each individual in the society. PerCapita GDP is the normal measure of Standard of Living whencomparing nations.

Quality of Life has no standard definition. It is broaderconcept that attempts to embrace the multitude of variables thatmake people happy. There are many measures of it, but all includeGDP and/or Per Capita GDP.

The ultimate question for this week is: “Is GDP a good measureof national economic well being?”

Answer & Explanation Solved by verified expert
3.8 Ratings (404 Votes)
GDP is a measure or indicator of national economic well being GDP is the market value of all final goods and services produced in an economy in a year GDP basically measures the overall income as well as overall spending on goods and services in the economy It means that GDP per capita reveals    See Answer
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