Question

Is GDP a good measure of economic well being?

Is GDP a good measure of economic well being?

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Answer #1

ANSWER-

GDP measures the value of final goods and services which are produced in an economy over a period of time. This GDP helps to measure the economic developmed or the well being of an economy. But the GDP does not measure the things which make life worthwhile directly instead it measures how we are able to obtain inputs wothwhile life and it also not meausres the value of goods and service which are produced at home. So, GDP is a measure of economic well being but a good or perfect measure.

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