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Advantages and disadvantage of using the GDP as a measure of productivity and economic health?
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.
Why is real GDP used to measure economic growth?
a real lady
What consists of statistics used to measure different aspects of the economy?
economic indicator
What is economic justification?
Economic justification is used to measure a return on an investment. The term is most often used in regards to material handling and how it impacts a company financially.
Welfare economics-meaning-scope and importance?
Welfare economicsis a branch of economics that uses microeconomic techniques to evaluate well-being from allocation of productive factors as to desirability and economic efficiency within an economy, often relative to competitive general equilibrium. It analyzes social welfare, however measured, in terms of economic activities of the individuals that compose the theoretical society considered. Accordingly, individuals, with associated economic activities, are the basic units for aggregating to social welfare, whether of a group, a community, or a society, and there is no "social welfare" apart from the "welfare" associated with its individual units.Welfare economics typically takes individual preferences as given and stipulates a welfare improvement in Pareto efficiency terms from social state Ato social state Bif at least one person prefers Band no one else opposes it. There is no requirement of a unique quantitative measure of the welfare improvement implied by this. Another aspect of welfare treats income/goods distribution, including equality, as a further dimension of welfare.Social welfarerefers to the overall welfare of society. With sufficiently strong assumptions, it can be specified as the summation of the welfare of all the individuals in the society. Welfare may be measured either cardinally in terms of "utils" or dollars, or measured ordinally in terms of Pareto efficiency. The cardinal method in "utils" is seldom used in pure theory today because of aggregation problems that make the meaning of the method doubtful, except on widely challenged underlying assumptions. In applied welfare economics, such as in cost-benefit analysis, money-value estimates are often used, particularly where income-distribution effects are factored into the analysis or seem unlikely to undercut the analysisFrom wikipediaNdugga Michael
What is the primary measure used to monitor aggregate economic activity?
The primary measure it looks at is the real GDP, which it considers to be the single best measure of aggregate economic activity.
Advantages and disadvantage of using the GDP as a measure of productivity and economic health?
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.
Why is real GDP used to measure economic growth?
a real lady
What consists of statistics used to measure different aspects of the economy?
economic indicator
What is economic justification?
Economic justification is used to measure a return on an investment. The term is most often used in regards to material handling and how it impacts a company financially.
What is welfare and subsidy?
Welfare refers to government programs designed to provide assistance to individuals and families in need, ensuring access to basic necessities such as food, housing, and healthcare. Subsidies are financial aids provided by the government to support specific industries, businesses, or economic activities, aiming to lower costs for consumers or encourage production. Both welfare and subsidies are tools used to promote social equity and economic stability, but they target different aspects of economic support.
Why is real GDP per capita used to measure economic growth?
Because rulers are too short
Welfare economics-meaning-scope and importance?
Welfare economicsis a branch of economics that uses microeconomic techniques to evaluate well-being from allocation of productive factors as to desirability and economic efficiency within an economy, often relative to competitive general equilibrium. It analyzes social welfare, however measured, in terms of economic activities of the individuals that compose the theoretical society considered. Accordingly, individuals, with associated economic activities, are the basic units for aggregating to social welfare, whether of a group, a community, or a society, and there is no "social welfare" apart from the "welfare" associated with its individual units.Welfare economics typically takes individual preferences as given and stipulates a welfare improvement in Pareto efficiency terms from social state Ato social state Bif at least one person prefers Band no one else opposes it. There is no requirement of a unique quantitative measure of the welfare improvement implied by this. Another aspect of welfare treats income/goods distribution, including equality, as a further dimension of welfare.Social welfarerefers to the overall welfare of society. With sufficiently strong assumptions, it can be specified as the summation of the welfare of all the individuals in the society. Welfare may be measured either cardinally in terms of "utils" or dollars, or measured ordinally in terms of Pareto efficiency. The cardinal method in "utils" is seldom used in pure theory today because of aggregation problems that make the meaning of the method doubtful, except on widely challenged underlying assumptions. In applied welfare economics, such as in cost-benefit analysis, money-value estimates are often used, particularly where income-distribution effects are factored into the analysis or seem unlikely to undercut the analysisFrom wikipediaNdugga Michael
What is the term for figures used to measure economic performance?
The term for figures used to measure economic performance is "economic indicators." These indicators include metrics such as Gross Domestic Product (GDP), unemployment rates, inflation rates, and consumer confidence indices. They provide insights into the health of an economy and help policymakers, investors, and analysts make informed decisions.
What were the ideas of sharing wealth known as?
The idea of sharing wealth is often referred to as socialism, which is a political and economic theory advocating for collective ownership and distribution of resources to achieve social and economic equality. Other terms that may be used to describe the concept include wealth redistribution, social welfare, and economic egalitarianism.
How might a leader's ability to carry out building projects be used to measure economic performance?
because a leader can do everything they want for the kingdom
What is a commonly used measure of productivity?
One commonly used measure of productivity is output per hour worked, also known as labor productivity. It measures the amount of output produced per unit of labor input. This measure helps businesses and economists assess efficiency and overall economic performance.
