GDP doesn't directly measure happiness. GDP represents the total output across a country over a calendar year, which can be divided by the population to give the GDP per capita. It is debatable whether or not there is a correlation between this measurement and overall personal happiness (Gross National Happiness GNH). Some argue that the two are related as if GDP is to increase, it is also likely that standard of living will increase, resulting in a rise of personal happiness. However, other's argue that money can't buy happiness...well true happiness anyway, and so there is no correlation between the two. I guess it depends what you class as 'happiness' as to whether it is measured by GDP or not.
The advantages of using GDP as a measure of productivity and economic health is that GDP is universal and can be used to measure an economy's growth or decline. The disadvantage of using GDP as a measure of productivity and economic health is that it does not effectively measure the quality of products.
no
The GDP per capita is used to measure a country's standard of living. It is calculated by dividing the country's GDP by its population, which better allows comparison of GDP between countries.
GDP Gap measures the percent difference in Real and Potential GDP
GDP.. this is the answer.
The advantages of using GDP as a measure of productivity and economic health is that GDP is universal and can be used to measure an economy's growth or decline. The disadvantage of using GDP as a measure of productivity and economic health is that it does not effectively measure the quality of products.
no
The GDP per capita is used to measure a country's standard of living. It is calculated by dividing the country's GDP by its population, which better allows comparison of GDP between countries.
GDP Gap measures the percent difference in Real and Potential GDP
GDP.. this is the answer.
Macroeconomic cost of unemployment
Would you say that real GDP per person is a useful measure of economic well-being ?Defend your answer.
GDP is not the perfect measure of development because in many cases the GDP of a country may be increasing even though development is not. This can be due to inflation. As the prices of goods rise, GDP will also rise however, this does not mean that production or the standard of living is also increasing. This is known as Nominal GDP. To get a better understanding of whether a country is developing, one must consider the Real GDP of that country. Real GDP involves using base prices from a specified year in the past to calculate the current GDP. This allows us to overcome inflation and compare the GDP of a country for two different years to find out if production has actually increased or not. Ofcourse, there are many other factors that go into whether a country is experiencing an increase in the standard of living such as overall happiness of the people in the country.
GDP is a measure, a better question is what affects GDP. GDP is, specifically a measure of a country's production. A higher GDP signals growth, efficient production, it may affect policy decisions, it may affect Federal Reserve decisions (money supply and interest rate, target inflation rate etc.)
Catastrofes and big disasters
Real GDP reflects output more accurately than nominal GDP by using constant prices.
GDP per capita then you write it in dollars e.g the GDP per capita of the USA is $1.149 trillion