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    Session 5 GDP - A Good Measure of Well-Being

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    annanyapassi14
    GDP measures the total market value of all final goods and services produced within a country in a period of time. However, GDP has limitations as a measure of economic well-being, as it does not account for factors like leisure, domestic services, or environmental quality. Alternative measures have been proposed, such as Net Economic Welfare and the Gross Happiness Index, which attempt to provide a more comprehensive assessment of a population's well-being.

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    Session 5 GDP - A Good Measure of Well-Being

    Uploaded by

    annanyapassi14
    24 views4 pages
    GDP measures the total market value of all final goods and services produced within a country in a period of time. However, GDP has limitations as a measure of economic well-being, as it does not account for factors like leisure, domestic services, or environmental quality. Alternative measures have been proposed, such as Net Economic Welfare and the Gross Happiness Index, which attempt to provide a more comprehensive assessment of a population's well-being.

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    gdp and its use in macro economics for college students ba economics

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    Session 5 GDP- A Good Measure of Well-being

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    GDP measures the total market value of all final goods and services produced within a country in a period of time. However, GDP has limitations as a measure of economic well-being, as it does not account for factors like leisure, domestic services, or environmental quality. Alternative measures have been proposed, such as Net Economic Welfare and the Gross Happiness Index, which attempt to provide a more comprehensive assessment of a population's well-being.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    24 views4 pages

    Session 5 GDP - A Good Measure of Well-Being

    Uploaded by

    annanyapassi14
    GDP measures the total market value of all final goods and services produced within a country in a period of time. However, GDP has limitations as a measure of economic well-being, as it does not account for factors like leisure, domestic services, or environmental quality. Alternative measures have been proposed, such as Net Economic Welfare and the Gross Happiness Index, which attempt to provide a more comprehensive assessment of a population's well-being.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 4

    Is GDP a good measure of Economic Well-

    being?
    16-01-2024

    MISSION VISION CORE VALUES


    CHRIST is a nurturing ground for an individual’s Excellence and Service Faith in God | Moral Uprightness
    holistic development to make effective contribution to Love of Fellow Beings
    the society in a dynamic environment Social Responsibility | Pursuit of Excellence
    CHRIST
    Deemed to be University

    Defining the GDP- The Phrases

    Market value- Different goods- market value reflects the amount people are
    willing to pay

    Of all- different types of items

    Final- intermediate goods

    Goods and services- tangible goods and intangible services

    Produced- current production

    Within a country- Domestic territory, NFIA

    In a given period of time- specific period, intervals

    Excellence and Service


    CHRIST
    Deemed to be University

    Components of Total GDP/ Expenditure


    Consumption: spending by households on goods and services, with the
    exception of purchases of new housing

    Investment: spending on capital equipment, inventories, and structures,


    including household purchases of new housing

    Government purchases: spending on goods and services by local, state, and


    federal governments. Transfer payments are not included

    Net exports: spending on domestically produced goods by foreigners (exports)


    minus spending on foreign goods by domestic residents (imports)

    Excellence and Service


    CHRIST
    Deemed to be University

    Is GDP a good measure of economic well-being?

    The importance of higher GDP

    GDP is not a perfect measure of well-being. It does not account for leisure

    GDP is not a perfect indicator of well-being. It does not include the value of
    domestic services

    It excludes the quality of environment

    Net Economic Welfare (NEW)

    Gross Happiness Index (GHI)

    Excellence and Service

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