The term can be mathematically expressed as equal total investment, government and consumer expenditure, plus the exports value, minus the imports value.
The GDP of a country can be determined using the following three approaches; which should all provide similar results; the output or product approach, the expenditure approach, and the income approach (Walter, 2000). The product approach is the most direct and totals the outputs of each category to come up with the total.
Expenditure approach is guided by the principle that every product has to be purchased by an individual, thus people’s overall spending must equal total product value. Lastly, the income approach basically works on the rule that earnings of productive factors should be equal to their product value and it determines GDP by totaling all of the producers’ earnings.
Well being refers to the feeling of being happy, healthy and comfortable according to Kathleen and Thesia, (2005). However, this depends with what we do with it since it is evident that usually people may feel well in various different ways. In most cases, factors to be considered include social environment, surrounding (house), health and personal realization which include hobbies and work place, to determine well being.
However, some people tend to think it is impossible to feel well with no swimming pool, a Porsche, or a ticket to travel round the world in a year. Thus, well being begins at the moment one has and can do what he thinks is fit for himself. Parts of well being can determine if you can have something or not same as the structural behavior determines the possibility of receiving something or being accepted to do so. Thus, one of the features of human’s well being is structural behavior.
This term generally refers to a state of people having adequate resources to satisfy their needs. It can also be referred to fiscal ...
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Money, health, social status, physical properties etc are often perceived as the symbols of well-being. Even though well-being and happiness are interrelated, both are entirely different concepts. “Wellbeing is a notion that people and policymakers generally aspire to improve.
Much concern about happiness was mainly in the fields of philosophy and religion. Despite the controversies that could arise, happiness could be considered as well being of an individual’s mental status. It was characterized by absence of negative emotions that upset the mindset of an individual (Baxter, 2010, para.1).
Well-being is a term that can be used generally to mean a satisfactory or good condition of existence. It is characterized by welfare, good health, and happiness as agreed by a group of people. However, the meaning and purpose of the term well-being changes with time and is open to both obvious and understated challenges.
A Critical Evaluation on the Claim that an Increase in Economic Growth does not Necessarily Lead to an Increase in Human Well-Being A critical evaluation on the claim that an increase in economic growth does not necessarily lead to an increase in human well-being Economic growth as a measure of the economic activity has been in existence since the times of ‘wealth of the nations’ by Adam Smith.
With reference to the discussion made, it can be viewed that the contribution and existence of Chinese for the US is noteworthy. Although the people who belong to the Chinese community were not treated well decades ago however today they represent an integral part of the US society.
According to the report mainstream economics assumes that resources are scarce and that it is necessary to choose between competing alternatives, hence, the reality of tradeoffs. Choosing one alternative implies forgoing another alternative, hence we have the opportunity cost, which creates an implicit price relationship between competing alternatives.
It is an ambiguous term used widely and frequently in public discourse. Well being can be viewed as a positive mental condition, originally embraced by some scholars as a way of focusing on satisfaction with life and health, as opposed