StudentShare solutions
Triangle menu

CHOOSE ONE QUESTIONS FROM THE 5 QUESTIONS ON THE INSTRUCTION LIST - Essay Example

Nobody downloaded yet

Extract of sample
CHOOSE ONE QUESTIONS FROM THE 5 QUESTIONS ON THE INSTRUCTION LIST

The opinion of economists have varied on this issue regarding the considerable of the GDP is the appropriate measure to understand the well-being of the nation. While most of the economists have relied on this economic indicator as the main determinant of the standard of living, the others have differed stating that the other intangible and tangible factors like education, health as well as ecological environment to be important factors as well. Simon Kuznets who framed the term GDP even warned that the measure is not an appropriate indicator of the well-being of the nation (Kuznets, 1934). Thus is clear that the GDP was never devised to measure the well-being of nations. With the occurrence of the Bretton Woods conference this measure started being used widely in most of the nations of the world since 1944. GDP as an economic indicator The Gross Domestic Product of a country is the sum of the goods and services of the country taken at the market value. In order to understand the concept of GDP it is important to know how the GDP of a nation is arrived at (Landefeld, 2008). There are a variety of ways in which the GDP of a country can be measured. The product approach measures GDP by summing the total production of all the enterprises during a definite span of time. Thus the value added of all the final products in a year minus the sum of the value added of the intermediate products gives the GDP of the economy. On the other hand, the expenditure approach considers the sum of the aggregate consumption expenditure, investment expenditure, government expenditure as well as the net exports of the economy. The circular flow diagram provides an idea about the income and expenditure flow in the economy that takes place involving the individuals, firms as well as the government. Therefore GDP measures the flow of the goods and the services that takes place in an economy. The income approach however calculates the sum of the total income of the individuals the firms as well as the government in the economy. From the various approaches it is clear that during the calculation of the GDP the monetary values are taken and hence no other intangible aspect could be captured by the GDP. In all these cases only the computation of the However in most cases it is considered that if the economic condition of the people improves the people of the economy would be better off. Thus it is not an ideal measure of the standard of living of the economy. Defects in GDP as a measure of the well-being of the economy The economic system is a subsystem of a larger system that drives the world. There are ecological, political as well as social systems which are intertwined. The effects of each of these systems influence each other and one cannot be thought of independently without thinking about the other. The economic system in a society can run only in connection with the other systems and depends on the other systems to a large extent. For example, in order to carry out the production in a factory system it is important to take the help of the natural resources as well as the human capital. Along with that the incorporation of the knowhow is also important. Hence the entire economic activity of production needs the intangible resources along with the tangible resources. ...Show more

Summary

Is Gross Domestic Product (GDP) a good measure of wealth and well-being? Contents Contents 2 Introduction 3 GDP as an economic indicator 3 Defects in GDP as a measure of the well-being of the economy 4 Subjective well-being of the nation 6 Alternative Measures of Economic wellbeing 6 Conclusion 7 References 9 Bibliography 10 Introduction The Gross Domestic Product of a country is the sum of the market values of all the goods and services that are produced during a given span of time…
Author : myrtlenitzsche
CHOOSE ONE QUESTIONS FROM THE 5 QUESTIONS ON THE INSTRUCTION LIST essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"CHOOSE ONE QUESTIONS FROM THE 5 QUESTIONS ON THE INSTRUCTION LIST"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Choose one topic from the five questions
The Ever-Normal-Granaries refers to a stabilizing program established in China during the 1st Century requiring all provinces throughout China to store excessive grain supplies for meeting demands when food supplies fell. The logic behind the Ever-Normal-Granaries was that if grain supplies were stable, the price of grain would also be stabilize.
8 pages (2000 words) Essay
Choose one of the 5 questions
For years, the mission statement of this company has been to give best services that improve human welfare by devices and services that extend life, alleviate pain, and restore health (Brosky, 2013). It has been evident that the company is meeting its mission statement as it is providing doctors with medical procedures that meet the needs of health care all over the world (Edwards, 2012).
8 pages (2000 words) Essay
CHOOSE ONE QUESTIONS FROM FOLLOWING QUESTIONS ON THE INSTRUCTION LIST
[3] Globalization can be defined a worldwide phenomenon of increased interconnectedness in terms of economy, technology and culture. Since the start of the era of mankind, both capitalism and globalization have been the driving force of each other. In an economy that is globalized, the economies activities are unrestricted in terms of national boundaries and time zones.
6 pages (1500 words) Essay
Choose one topic from list
Aside from this, small businesses also have balance sheet total or asset component of not more than ₤2.8 million and employment size of less than 50 employees (Small and Medium Sized Enterprises 2004). The European Commission does not depart
7 pages (1750 words) Essay
5 questions
There are plenty of competitors within the area, but management is confident that it will get its share of customers with its signature blends and customer service oriented staff and crew. To make the product lines distinct from those of
1 pages (250 words) Essay
Choose one of 5 questions and finish the essay
The paper tries to analyze the effects of industrial production on people and things. Industrial technology has altered the social and economic
5 pages (1250 words) Essay
5 questions
Gersick suggests that groups do not inevitably progress linearly from first step to another in a prearranged sequence. Gersick analyzed the impact of deadline pressures on the development procedures of working teams. She proposed a “punctuated
2 pages (500 words) Essay
Choose ONE of the following questions
Apart from the literal meaning, the realism practices have been expressed throughout the history in the shape of arts, theatre, literature and painting. In short, it is the attitude of portraying the things as they are
8 pages (2000 words) Essay
5 questions
Example of a framed statement from fox news includes “Supporters of the Michigan plan disputed that, calling the system a good-faith effort to attract a broad range of
2 pages (500 words) Essay
5 questions
At day 21, the neural plate, or primitive neural tissue, occupies the external layer of embryonic cells. The neural plate folds to create the neural groove, with the latter curling to produce the neural tube. After cell birth is cell migration, which takes
4 pages (1000 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Click to create a comment
Contact Us