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Does GDP describes your personal economic well being - Essay Example

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It is the overall value of goods and services a country produces annually, excluding the foreign productivity of domestic firms but including domestic…
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Does GDP describes your personal economic well being

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 ... Read More
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