ECON305-DB-1
Answer all questions. APA Format. 2-3 Paragraphs
GDP and Per Capita GDP are two of the basic and most widely used economic measures. They are broad measures that provide interesting and useful information about a nation’s economy as a whole. And Per Capita GDP is the standard measure of the Standard of Living.
But they are often criticized for not being a measure of Quality of Life. (Whatever that means as there is no standard definition of Quality of Life.) However, GDP was never intended to measure “Quality of Life”, just output and the income that the production process produces.
Is GDP an adequate measure of national economic activity?
Should GDP be replaced by a new Quality of Life Measure?
Or should there be separate measures of economic output (GDP) and Quality of Life?
Or some combination.
